LIFE INSURANCE, HEALTH INSURANCE
PRnewswire | April 04, 2023
Sproutt, the life insurance company that modernizes life insurance for agencies, agents, and their customers, today announced the launch of Sproutt SmartLife for Agencies and the acquisition of The Reder Agency, a full-service life insurance brokerage specializing in the traditional and senior markets. SmartLife for Agencies brings to market an AI-assisted first-of-its-kind platform for all aspects of agency business, while the acquisition of The Reder Agency will add over 400 agents nationwide to Sproutt's growing network of producers as part of its evolution toward becoming a full-service distribution ecosystem. The Reder Agency's principal owner, Ben Reder, will join Sproutt as the Senior Vice President of Distribution.
The acquisition of The Reder Agency greatly expands the adoption of Sproutt's SmartLife platform by introducing it to hundreds of experienced life insurance producers, cementing the company's evolved mission of serving as the digital home for the roughly 1.2 million insurance professionals in the U.S. With a shared vision to innovate and scale the insurance sales process, the Reder Agency acquisition enables Sproutt to accelerate growth and offer increased value to life insurance producers.
Sproutt's SmartLife platform allows agents, via the Agent Portal, to make real time decisions to effectively serve the needs of their clients. Within minutes, agents can offer tailored life insurance solutions with top rated carriers and a full spectrum of proprietary products, from term to whole life, with greater ease, speed, and efficiency.
"We are excited to announce our new offering for agencies, which supercharges organizations with the necessary AI tools and products to maximize their distribution, as well as the acquisition of The Reder Agency, which adds hundreds of proven life insurance producers onto the Sproutt platform. I am thrilled to have Ben joining the Sproutt team, as we share the belief that this acquisition will be a major step in Sproutt's commitment to be the platform of choice for insurance producers and brokers across the country" said Yoav Shaham, CEO and Co-Founder. "Within this data-driven industry, which evaluates risk based on consumer data, our unique contribution is that our platform leverages AI to maximize agent production, reduce friction in the sales journey and modernize traditional insurance processes for carriers" explains Shaham.
For Ben Reder, an insurance industry veteran and owner of The Reder Agency for over a decade, this move will allow him to have a bigger impact on the life insurance agents and agencies that he is currently working with, as well as provide incredible value for future partnerships. As Senior Vice President of Distribution, he will continue his focus on providing top tier services and support, while benefiting from the technology and resources that Sproutt provides. "Insurance distribution is moving towards a unified digital experience, for both the client and the agent. Being able to partner with Sproutt and bring our decade-plus of traditional brokerage distribution expertise to a fully digital platform represents an opportunity to merge best-in-class technology with award-winning production," said Reder.
About Sproutt
Sproutt is a life insurance company that modernizes life insurance distribution for agencies, agents, and their customers. Leveraging data and AI, the Sproutt SmartLife platform is set to reshape Life insurance distribution. The platform empowers insurance producers to efficiently assess risk, tailor policies, and enhance customer experience in the most effective and scalable way. Sproutt sells its policies through agents and brokers via its SmartLife for Agents and Agencies. Backed by State of Mind Ventures, Moneta VC, FinTLV, Guardian Life, MS&AD Ventures, MoreTech Ventures, Harel Group, Menora Mivtachim, Raptor Group, and Falcon Edge Capital, Sproutt's business operations are based in New York with an R&D center in Tel Aviv.
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LIFE INSURANCE, INSURANCE TECHNOLOGY
Businesswire | June 01, 2023
Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced a new partnership with Empathy, the innovator behind the leading platform that helps families navigate the emotional and logistical challenges of loss. This partnership will provide life insurers with tech-powered services to aid them in delivering comprehensive bereavement support to beneficiaries.
Empathy’s recently published installment of its annual Cost of Dying Report sheds light on the financial and emotional demands of loss, finding that the average bereaved family spends close to $5,000 on all legal matters, yet under 15% of these families have access to life insurance or dedicated funds to settle the estate. The strain faced by bereaved families presents both a challenge and an opportunity for life insurance carriers, as they work with families struggling through these burdens every day. Insurance providers are in a unique position to go beyond a financial payout and act as a source of support, guidance, and information for grieving beneficiaries.
“If you want to build a relationship of trust and generational loyalty with beneficiaries, the first step is providing valuable support that acknowledges the nature and significance of the burden they face,” said Ron Gura, Co-Founder & CEO of Empathy. “Our experience has taught us that the burden of loss is both broad and deep, and life insurers can play a leading role in supporting bereaved families as they navigate emotional and logistical challenges. Partnering with industry leaders like Majesco further simplifies the implementation of our services with insurers of all sizes, meeting beneficiaries where they are. Together, we are transforming transactions into relationships and sticking around with families in the days, weeks, and months following their loss.”
Both Empathy and Majesco provide unique solutions for insurance companies seeking to better support their beneficiaries. Over 350 insurers, from startups to some of the world’s largest insurance companies, use Majesco’s SaaS solutions to anticipate what’s next and deliver customized experiences that customers rely on. Empathy’s bereavement care platform accentuates that support, ensuring that beneficiaries have access to comprehensive grief care and helping them wind down their loved one’s affairs with full administrative assistance.
“The life, annuity and health market is evolving in its understanding of ways in which insurance providers can improve operationally and create long-term value for beneficiaries especially during their most difficult and critical moments,” said Ray Law, SVP & GM of Products at Majesco. “As a company focused on delivering outstanding experiences for customers, we pride ourselves on selecting innovative partners like Empathy to maximize the support we are able to offer to the people we serve.”
About Empathy
Empathy is the comprehensive support system for loss, offering bereaved families holistic guidance and care for all of the administrative, emotional, legal, and financial challenges they face after their loved one passes away. Empathy's award-winning app and care team are trusted by leading employers and insurance carriers to support their employees and beneficiaries through life's greatest challenges, saving them time, money, and stress. Headquartered in New York and recognized as a Top Digital Health Company by CB Insights, as well as a Most Innovative Company by FastCompany, Empathy has raised $43 million in funding from leading investors including General Catalyst, Aleph VC, and Entrée Capital. To learn more about Empathy, visit us at empathy.com.
About Majesco
Majesco is the partner P&C and L&AH insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what’s next, without losing sight of what’s important now. Over 330 insurers, from greenfields and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data, analytics, digital, and rich ecosystem of partners to create their next now.
As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 825+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.
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CORE INSURANCE, RISK MANAGEMENT
Businesswire | March 29, 2023
Inszone Insurance Services: a rapidly growing, national provider of benefits, personal and commercial lines insurance, announced today the acquisition of Agape Insurance Services.
Established in 2004, in Anaheim CA, Agape Insurance Services has been a reliable partner in providing Auto, Home, Business, and Life insurance solutions to clients across California. With a focus on personal lines, Agape Insurance Services has gained a reputation for its honest and genuine approach to serving customers.
Under the Inszone Insurance brand, the Agape Insurance team will continue to operate out of Inszone’s Anaheim office and offer the same high-quality service to their clients. The acquisition represents another milestone for Inszone Insurance Services as it strengthens its presence in California and expands its commercial and life insurance offerings.
“We are thrilled to welcome Agape Insurance Services to the Inszone family," said Chris Walters, CEO of Inszone Insurance Services. “This acquisition represents another milestone as we continue to broaden our footprint and capabilities in our home state of California."
Inszone Insurance Services continues to pursue an aggressive growth plan, aiming to enhance its presence in existing markets and expand into new ones. Several important transactions are expected to be announced in the upcoming months.
About Inszone Insurance Services
Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm that provides a broad array of property & casualty insurance, along with employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically, as well as through acquisitions. With 40 locations across California, Arizona, Nevada, Utah, Colorado, Michigan, Missouri, Oregon, Texas, and Illinois, the company is looking to further expand throughout the United States.
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