SAN FRANCISCO, April 5, 2017 /PRNewswire/ -- Today, Ovid announced the launch of the Ovid Life Insurance Exchange – a platform that directly connects policyholders with institutional investors for life settlement transactions. A life settlement is the sale of a policyholder's life insurance to a third-party investor. Ovid's exchange makes life settlements faster, more affordable and more accessible to the average American.
Since rolling out the beta platform earlier this year, Ovid has matched thousands of policyholders with institutional investors. Ovid's policyholders have been paid out millions for their policies. Peter Colis, the CEO of Ovid, commented, "We're the consumer's biggest advocate in the market. There is $20 trillion of outstanding US life insurance, approximately 90% of which will never pay a claim. Ovid creates a market mechanism to unlock that equity value."
Ovid is now available in 46 states and getting a settlement offer is 100% free to policyholders. The platform instantly matches policyholders with institutional investors who are the best fit for their policy, saving weeks of back and forth paperwork. All investors on Ovid's platform are licensed to purchase life insurance policies. On the backend, Ovid's engine uses predictive analytics to generate risk profiles for each policyholder and better estimate what their policy might be worth.
About Ovid Corp.
Ovid is an online life insurance exchange based in San Francisco. Learn more at www.OvidLife.com.
This content was issued through the press release distribution service at Newswire.com. For more info visit: http://www.newswire.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ovid-launches-life-insurance-exchange-300434719.html