Katapult, an e-commerce centred financial technology company, has announced the launch of its latest product, Katapult Layoff Insurance, which will be powered by Harmonic Financial Technology.
This offering aims to provide consumers with financial security in the event of involuntary job loss. Katapult recognises the need to address one of the major concerns for many shoppers—how to manage payments if they unexpectedly lose their jobs.
Katapult Layoff Insurance offers policyholders a cash benefit of up to $2000 if they experience involuntary job loss.
By paying a low monthly fee, customers can access this coverage through Katapult’s mobile app and website. The coverage becomes effective immediately upon enrolment, with a claim eligibility period beginning after a 90-day waiting period.
Harmonic Financial, an embedded insurance provider, powers this new insurance product. Andrew Drake, CEO and co-founder of Harmonic Financial, commented on the launch, “We selected Katapult as a strategic partner for our Layoff Insurance program because they are very upfront and transparent in dealing with one of consumer’s biggest fears – losing their job and being unable to make their payments.”
Additionally, Orlando Zayas, CEO of Katapult, expressed enthusiasm about the new offering, stating, “We are excited to bring this new offering to our loyal consumer base. Income protection insurance directly addresses the financial vulnerabilities faced by many Americans who are experiencing an involuntary layoff. By opening up access to this new offering alongside our innovative lease-to-own (LTO) solution, we continue to provide underserved consumers with financial resources they need to power their daily lives.”
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