Digital life insurance provider Nowly, a subsidiary of Canadian insurer Teachers Life, has launched in Canada.
Nowly offers Canadians instant life insurance through a digital delivery platform. Backed by Teachers Life, with over 80 years of industry experience and reliability, nowly aims to disrupt the life insurance space with a digital-first offering and a give back programme, supporting ‘social-preneurs’ in Canada who are committed to making positive social change.
Through its digital-first platform, members receive instant online coverage with rates as low as $5 per month and coverage of up to $1,000,000, with no medical exams.
Members are invited to register for nowly’s customer portal iOS/Android app, where they can access member benefits, policy documents and on-demand support.
Nowly has also partnered with InsurTech platforms ManageMy and Breathe Life to build a digital ecosystem for its members. Upon signing up, members earn instant healthy living benefits including a $50 annual rebate towards health and wellness expenses or memberships.
Nowly pointed to recent data that showed 40% of Canadians have no life insurance. What’s more, nowly added, while 64% of Canadians believe life insurance is one of the most important types, nearly 80% are underinsured. Nowly said these coverage gaps, especially amongst millennials, largely exist because consumers don’t feel they understand life insurance (70%) and/or feel the process is too difficult and slow (67%). This is what the company has set out to tackle.
Martha Turner Osborne, chief marketing and sales officer of Teachers Life, said, “The focus for nowly is simple: to make life insurance easy and accessible to Canadians through innovative technology.”
The company also said it is committed to investing in the “innovators of tomorrow. Turner Osborne added, “Our social give back programme, Press Start, connects, supports and empowers entrepreneurs, with a focus on social issues and/or sustainability, to get started or take their business to the next level and bring about radical solutions, now.”
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