Everyday Life Insurance

Saying the life insurance industry needs innovation is the opposite of a hot take; it's pretty freezing cold actually. As Life Insurance Awareness Month nears its end and the insurtech world gears up for big conferences, it's a perfect time to bring together a panel of experts and founders in this space to talk about its future. Please join for this insightful and engaging conversation, thanks! The panelists: David Gritz is the co-founder of InsurTech NY, working to build NYC as the global hub for InsurTech activity. Thank you for helping get this organized! Hilliard Milner CA(SA) is the Co-Founder and CRO of Optifino, wealth legacy architects on a mission to demystify and streamline the life insurance industry. We'll break down exactly what that means, why it's important and the plan of action. Hanna Wu is CEO and co-founder of Amplify, insurtech democratizing access to life insurance policies traditionally used by the wealthy 1%. I honestly thought she was in Brisbane Australia from her profile, but California makes a lot more sense ;) Looking forward to hearing much more about the platform and future plans. Jake Tamarkin is CEO and co-founder of Everyday Life Insurance, the premier life insurance platform for everyday people. We'll talk abut how and why he started this company, which utilizes a recommendation engine for consumers to find the right products for them. Thanks all, speak soon!

Brittany Clements of American Family Ventures wrote an excellent piece here with her take on why the first wave of online life distributors failed to disrupt the industry. And she's right: Life Insurance IS Hard. However, it would be shortsighted to conclude that there isn’t still a massive winnable opportunity in online distribution. We just need to be smarter about our goals. Disrupting or displacing human agents is a dumb goal. According to the American Council of Life Insurers - ACLI's latest (invaluable) industry factbook, sales agents and their production have grown significantly over the last decade. There’s obviously more to the story, and perhaps carriers are tired of losing leverage to the independent distributors that dominate today, but the solution isn’t to try to go around them. A much more appealing opportunity is hiding in plain sight, for while traditional distribution has been growing, the ACLI also makes the striking finding that “the percent of households with any life insurance coverage has been steadily decreasing since the early 1970s.” (p. 112). LIMRA's studies reach similarly stark conclusions. Why? After speaking with many agents, wholesalers and others about it, I believe that acquisition costs are simply too high for most distributors to profitably serve the middle market. Life insurance is effectively becoming a luxury good in the US. So we at Everyday Life Insurance believe that a worthier and more lucrative purpose for online distribution is to serve the shoppers that agents can’t. It’s the same playbook used over and over again throughout human history: use technology to create efficiency, lower cost and increase access. Easy to say but admittedly harder to actually do, but we’ve learned a lot about it that I am looking forward to sharing soon. That’s my take. What do you think? (sources in the comments)

Hey, I've been quiet on LinkedIn ever since we focused on B2C sales at Everyday Life Insurance, but the recent, well-publicized failures in our space seem to be causing some to question the very viability of selling life insurance online. We've been at it for over 5 years now and learned A LOT along the way that I've decided to start sharing to correct the misunderstanding. Stay tuned! p.s. Did you just ask who has the highest Google Reviews rating of all online life brokers with at least 100 reviews? We do!