AUSTIN, Texas, Jan. 27, 2020 /PRNewswire/ -- DigitalBGA, one of the nation's fastest-growing direct-to-consumer distributors of life insurance, announced today that it has acquired the FEGLI Exchange Program. The FEGLI Exchange Program is a technology-based insurance agency focused on helping federal employees navigate their life insurance options through retirement. Financial terms of the transaction were not disclosed.
FEGLI is the largest group life insurance program in the world, with over 4 million employees covered (source). The FEGLI Exchange Program's online software shows federal employees how they can save a significant amount of money with just a few inputs on its website. The software articulates what benefits they have and visually shows them the cost difference with real rates from competitive life insurance companies.
Since 2011, government employees have been using the FEGLI Exchange Program software to understand within minutes how switching to a private life insurance plan on the open market can save them money today and into retirement and then facilitating that switch over the phone.
"We are committed to helping government employees save money by exchanging their FEGLI Option B for coverage on the open market," Nic West, Managing Partner of DigitalBGA, added, "We'll enhance the software to make it even more helpful and start showing federal employees ways to maximize their pension."
"The value proposition that the FEGLI Exchange Program provides for government employees comparing life insurance benefits is unmatched," said Jeff Root, Managing Partner at DigitalBGA "Typically, government employees meet with an advisor or attend a seminar to receive this personalized information. This technology allows government employees to research on their own time and receive the same personalized information from the comfort of their office or homes. We're very excited to expand our FEGLI division at DigitalBGA around this brand."
DigitalBGA is dedicated to building technology and processes to facilitate the most efficient experience for life insurance consumers and agents alike.
They do this by equipping independent life insurance agents across the country with proprietary technology and back-end administrative services that simplify the sales and transaction aspect of life insurance.
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