Covr Financial Technologies, Americo Financial Life And Annuity Insurance Company, Inc. and SCOR Join Forces to Launch New Life Insurance Product Aligned with Consumer and Business Lending
January 15, 2021 at 08:47 pm
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Covr Financial Technologies (Covr), Americo Financial Life and Annuity Insurance Company (Americo), and global reinsurer SCOR are announced the launch of LoanMatch Protector, a first-of-its-kind life insurance policy customized to a consumer's specific loan amortization schedule. This new collaboration brings LoanMatch Protector to customers of banks, credit unions, lenders, e-banks and direct lenders through Covr's industry-leading, white-labeled digital life insurance platform. Covr has made it easy for customers of their partner financial institutions to purchase coverage during or after their loan applications through seamless digital integration with the institution's technology. The creation of LoanMatch Protector has brought together three influential organizations in the U.S. life insurance industry, with Americo, an A (Excellent) rated insurance carrier by A.M Best, SCOR as one of the nation's largest reinsurance companies, and Covr Financial Technologies as the digital technology engine. The LoanMatch Protector solution addresses the need for affordable and easy-to-attain life insurance protection when individuals and businesses take out loans. The insurance amount closely matches the amount of the loan, saving customers 30% or more compared to level term life insurance solutions. The process can be completed in less than 15 minutes and eliminates the need for a time-consuming medical examination 88% of the time for coverage amounts up to $1 million. Covr's leading-edge, white-labeled digital consumer life insurance platform uses API functionality and predictive analytics to seamlessly integrate the LoanMatch Protector product into any distributor's model. Covr's platform offers a turnkey suite of life insurance offerings for financial institutions, including single session apply and buy insurance, multi-carrier insurance solutions, needs analysis tools, educational content, and telephone-based sales support.
Scor SE is the leading French reinsurance company. Gross written premiums per activity are distributed as follows:
- life and health reinsurance (51.2%);
- non-life reinsurance (48.8%): reinsurance against damages (coverage for damage to industrial and commercial property, vehicles, ships, and stored or transported merchandise, coverage for losses due to fire, and civil liability coverage) and specialties (coverage for risks in the agriculture, aviation, construction and credit guarantee fields).
Geographic distribution of gross written premiums is as follows: France (17%), Europe (44.7%), Far East (18.8%), North America (7.4%), South America (2.2%), Africa (0.7%) and other (9.2%).
Covr Financial Technologies, Americo Financial Life And Annuity Insurance Company, Inc. and SCOR Join Forces to Launch New Life Insurance Product Aligned with Consumer and Business Lending