Americo Financial Life, Covr Financial Technologies (Covr) and Annuity Insurance Company (Americo), and global reinsurer SCOR announced the launch of LoanMatch Protector—a first-of-its-kind life insurance policy tailored to a consumer’s precise loan amortization calendar. The new partnership brings LoanMatch Protector to customers of banks, lenders, credit unions, e-banks and direct lenders via Covr’s industry-leading, digital life insurance platform. Furthermore, the company has made it flawless for the customers of their partner financial institutions to buy coverage during or after their loan applications .
The introduction of LoanMatch Protector has got 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 is designed to address the need for affordable as well as easy-to-attain life insurance protection when someone take out loans. The insurance amount closely matches the amount of the loan, thus saving customers about 30 percentwhen compared to other level term life insurance solutions. The process can be completed in a maximum of 15 minutes and excludes the need for a long medical examination.
Covr’s cutting-edge and innovative, white-labeled digital consumer life insurance platform uses API functionality and advanced analytics to 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.