UK-based embedded insurance provider Eleos Life has partnered with mutual insurer Assurity and global reinsurer SCOR to launch term life and disability insurance in the U.S.
The move aims to address the significant protection gap, where fewer than 30% of Americans have individual life insurance and only 18% have disability cover.
By embedding simple, fully digital insurance products into platforms like banks, credit unions and FinTech apps, Eleos plans to make coverage more accessible and affordable.
Policyholders also gain access to free benefits such as remote healthcare and mental health therapy.
Eleos Life CEO Kiruba Shankar Eswaran said, “With the low uptake of life and disability insurance, we’ve created a straightforward way for companies to distribute these essential protections. In the U.S. alone, it’s estimated that 65 million households could benefit from affordable life insurance, with millions of families vulnerable due to insufficient savings. We’re enthusiastic about leveraging everyday consumer platforms to close this protection gap.”
SCOR vice president partnerships Brian Barnes said, “We are excited to partner with Eleos Life as they launch their innovative term life insurance products in the U.S. Eleos has demonstrated success in the U.K. by providing accessible and essential financial protection through their digital platforms. Their innovative approach to embedding insurance seamlessly into consumer journeys aligns with SCOR’s mission to advance forward-thinking solutions in the insurance industry. We are optimistic that this partnership will help bridge the protection gap and we look forward to supporting Eleos in this expansion.”
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