Bestow Inc. | December 09, 2021
Life insurance technology company Bestow and Equitable, a leading financial services company and principal franchise of Equitable Holdings (NYSE: EQH), today announce a first-of-its-kind enterprise partnership and the launch of a new, entirely digital term life insurance offering called Term-in-10SM.
"As one of the most respected life insurers in the industry, Equitable is the ideal first enterprise carrier partner for us at Bestow, We came together because of our joint commitment to build innovative solutions that expand access to financial protection. We're excited to deliver our unique product expertise and platform to Equitable Advisors, Financial Professionals and customers."
- Melbourne O'Banion, Co-Founder and CEO of Bestow
Powered by Bestow's industry-leading platform, Term-in-10SM was designed for Equitable from the ground up to combine the best of digital distribution paired with the tailored support of a financial professional. It is solely available through Equitable Advisors Financial Professionals who are agents of Equitable Network, LLC — providing a digital solution to existing customers and leveraging technology to reach and serve the next generation of customers.
Existing and prospective Equitable customers work with a financial professional to determine their specific life insurance needs and then apply for a term life insurance policy entirely online. If approved, coverage begins immediately. Bestow's platform transforms the typical several-week term life insurance buying experience into one that is accomplished in about 10 minutes. Designed with simplicity, affordability and value in mind, Term-in-10SM never requires a medical exam and is available in robust coverage amounts up to $1 million and in 10, 15 and 20-year term lengths.
"Insurance is personal. There are substantial advantages to using a financial professional and life insurance agent who understands the specific requirements each client needs to protect their family and provide them with a comprehensive financial strategy, We're excited about the relationship with Bestow as it allows us to provide a better more efficient experience for our current and prospective clients."
- Dave Karr, Chairman of Equitable Advisors.
Bestow's enterprise offering delivers a single source application, underwriting, and policy servicing experience that supports the entire end-to-end sale and administration of term life insurance — with more products to come. Leading carriers like Equitable Financial Life Insurance Company can license Bestow's platform to develop and launch digital solutions that serve new customers, enhance financial professional productivity and reduce substantial cost and time hurdles that come with the administration of term life insurance products. In addition to offering a full-stack solution, Bestow provides the expertise and resources needed to launch digitally optimized life insurance products.
"The insurance space is facing unprecedented change and opportunity given tech-driven disruptions and rising consumer expectations coupled with cost and competitive pressures, We also recognize that the pandemic prompted interest in new protection solutions and the way Americans shop for these products as more folks shifted their attention to focusing on their holistic well-being over the past year. The partnership with Bestow is another important step in our strategy to help financial professionals serve the needs of their clients with innovative and tailored solutions designed with today's consumer in mind."
- Hector Martinez, Head of the Life Insurance Business at Equitable.
Bestow is the leading life insurance technology company. As both a direct-to-consumer destination and an infrastructure provider, Bestow powers instant life insurance solutions for businesses of all sizes, across any channel. In a world full of unknowns, Bestow is on a mission to make life insurance accessible to millions of underserved families by creating the best possible products and experiences that serve future generations.
Equitable* has been one of America's leading financial services providers since 1859. With the mission to help clients secure their financial well-being, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. Equitable has more than 8,000 employees and Equitable Advisors financial professionals and serves 2.8 million clients across the country.
Jencap Group LLC | January 04, 2022
Jencap Group LLC (Jencap) has agreed to acquire International Assurance of Tennessee (IAT), a Managing General Underwriter (MGU) specializing in Employer and Medical Stop Loss Insurance. IAT will operate under the auspices of the Jencap Program Administrators LLC division.
“The rapidly changing landscape of the insurance industry demands precision and expertise. When you integrate IAT’s niche specialization and proven success into Jencap’s established Stop Loss book of business, we will better serve the growing market demand for Stop Loss Insurance by providing additional resources and an expanded geographic footprint to our agency partners.”
-John Jennings, Chief Executive Officer of Jencap
IAT is one of the longest standing MGU’s in the business, with its principal office located in Franklin.
“For nearly 40 years, our team at IAT has exceeded our agency partners’ expectations by staying true to our product, providing unparalleled service, and remaining consistent in our approach. Partnering with Jencap will offer amplified growth and expansion for IAT and allow us to capitalize on new Stop Loss opportunities in the marketplace.”
-TN. Bob Baisden, President and Founder of IAT
About International Assurance of Tennessee
Founded in 1984, International Assurance of Tennessee is one of the oldest Managing General Underwriters in the business. They write Employer Stop Loss and Medical Stop Loss Insurance for prisons and jails.
About Jencap Group
Jencap is one of the largest wholesalers in the U.S. with notable industry-leading expertise in wholesale brokerage, binding authority, and program management. Its specialized divisions and affiliate organizations provide niche underwriting prowess, broad market access, and nationwide influence. Headquartered in New York, Jencap leverages its collective power to exceed the expectations of more than 17,000 independent agency partners.
MarshBerry | January 19, 2022
MarshBerry, a leading investment banking and consulting firm serving the Insurance Distribution and Wealth Management industries, is pleased to announce its partnership with Atlas Merchant Capital ("Atlas").
The new partnership will help MarshBerry accomplish its growth goals by improving and expanding services to create even better outcomes for clients. This partnership provides access to additional resources to help execute on strategic growth initiatives including expanded client solutions and acquisitions domestically and in Europe.
"This is a really important event for our company. Partnering with Atlas advances our ongoing efforts to aggressively and intentionally grow and improve in all facets of our business, which will translate directly into benefits for our growing client base, Our leadership team remains committed, invested and excited about how this will help us continue to grow by enhancing the solutions provided to our client base."
-John Wepler, MarshBerry CEO and Chairman.
"We have been impressed with the accomplishments, growth and vision of MarshBerry and believe our investment will serve as a springboard to achieve the near-term and long-term strategic goals,"
- Colin Savage, Atlas Managing Director, Head of North America Investments.
Houlihan Lokey served as financial advisor to MarshBerry in connection with the transaction.
About MarshBerry – Helping Clients Learn, Improve & Realize Value
Founded in 1981, MarshBerry serves the insurance distribution and wealth management industries, including insurance agents & brokers, specialty distributors, private equity firms and wealth management firms. MarshBerry's industry-specific services help clients build, enhance and sustain value through: Merger & Acquisition Advisory*, Debt & Equity Capital Raising, Financial Consulting, Market Intelligence & Benchmarking, Organic Growth Consulting, Connect Executive Peer Exchange and Connect Platform Aggregation. Learn more at www.MarshBerry.com.
About Atlas Merchant Capital LLC
Atlas Merchant Capital LLC was founded to participate in compelling market opportunities in the financial services sector. Based in New York and London, Atlas Merchant Capital was founded by Bob Diamond and David Schamis, who together with their partners form a complementary partnership with extensive operating and investing expertise across the financial services landscape.