Covr Financial Technologies, Americo and SCOR Join Forces to Launch New Life Insurance Product Aligned with Consumer and Business Lending
LoanMatch Protector provides life insurance tailored to loan amortization schedules, including mortgage and small business loans
Covr Financial Technologies (Covr), Americo Financial Life and Annuity Insurance Company (Americo), and global reinsurer SCOR are announcing 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.
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“LoanMatch Protector is an example of market-leading innovation in the life insurance space. In a time of increased consumer demand for life insurance, Covr, Americo and SCOR have joined forces to develop a product that truly provides a highly desirable and personalized life insurance policy for consumers that is linked to their loan amount,” said Mike Kalen, Covr CEO.
“With a 100-year history of financial strength and innovation, Americo is thrilled to collaborate with Covr and SCOR to issue the LoanMatch Protector product. It fills a much-needed gap in the life insurance marketplace,” said Phil Polkinghorn, President and CEO of Americo.
“LoanMatch Protector brings together SCOR’s track record of leading-edge innovation in the insurance industry, Americo’s long-standing reputation in the life insurance space, and Covr’s market-leading digital platform, to provide a best-in-class life insurance product that is truly unique in the market,” said Richard De Sousa, Senior Vice President of Strategic Partnerships, SCOR.
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