Lemonade Selects Bestow as Its Platform for Life Insurance
Lemonade Selects Bestow as Its Platform for Life Insurance
(Image source: Lemonade website.)
Lemonade (New York) has launched life insurance, powered by Bestow’s (Dallas) Protect API. Lemonade customers are now able to apply for instant, affordable life insurance in as little as five minutes online using Lemonade’s website and apps, according to a Bestow statement.
Through the new offering, potential life insurance customers are greeted by Lemonade’s AI chatbot Maya, who guides them through a conversational application. Through the Protect API, customers are underwritten in real-time and find out instantly if they’re approved. Bestow reports that it uses third-party data to determine eligibility and pricing in seconds, eliminating the need for a medical exam.
Jonathan Abelmann, Co-Founder and President, Bestow.
“Bestow has built life insurance infrastructure for the internet, partnering with world-class companies who provide access to vital financial products,” comments Jonathan Abelmann, co-founder and President of Bestow. “Lemonade is a visionary in using technology to transform insurance, and we couldn’t be more excited to partner with them on Lemonade Life, which is truly a one-of-a-kind experience.”
In December 2020, Bestow announced that it had entered into a definitive agreement to purchase Centurion Life (Des Moines), a nationally licensed life insurer, and reported that it had raised $70 million, bringing its total funding to $145 million. The vendor reports that during 2020 it grew its customer base by 400 percent.
Centurion, which Bestow describes as a full-stack life insurance carrier is accelerating growth across Bestow’s new product lines to further support advisor sales, carrier partnerships, and industry-first distribution partnerships such as Lemonade Life. Bestow says its partners benefit from various integration options that create on-brand and highly scalable life insurance offerings. “Life insurance products on Bestow’s platform are competitively priced and 100 percent digital, bringing an unmatched offering to partners and their customers,” a Bestow statement says.
Bestow to Acquire Centurion Life Insurance Company
Bestow Raises $70 Million in Series C Funding
