NEW YORK and TEL AVIV, Israel, Aug. 24, 2021 /PRNewswire/ -- Empathy, a platform helping families navigate the logistical and emotional journeys they face after losing a loved one, today announced a concept partnership with New York Life1, America's largest2 and most admired3 mutual life insurer. Empathy's user-friendly digital companion mobile app is now available to New York Life beneficiaries and supports the insurer's commitment to providing financial peace of mind as well as bereavement resources.
The loss of a loved one often leaves families grieving and in distress, not just from the loss itself, but also from the logistical challenges that follow. In the weeks and months following a loss, these families spend over 500 hours, on average, dealing with immediate needs, like arranging a funeral and validating a will, as well as long-term processes such as account cancellations, estate administration, benefit claims, and property cleanout.
Combining technology and human support, the Empathy app helps to simplify end-of-life bureaucracy, minimizes tedious tasks, and automates processes involved in the administration of an estate – freeing families to deal with emotional repercussions, and to be there for one another. Empathy also offers human support to provide users both emotional and practical assistance, creating a hybrid experience to help families navigate arrangements and grief.
"This work with Empathy as a concept partner continues New York Life's long-standing tradition of innovating on behalf of our policy owners and their loved ones," said Sean Madgett, head of business development for New York Life Ventures. "We strongly believe in the role that trusted human guidance, empowered by technology, plays in delivering long-term financial security and peace of mind. There is significant opportunity in embracing new technologies like Empathy that are designed to help families put their love into action."
"We are proud to partner with New York Life to support the company's beneficiaries in their times of need," said Ron Gura, CEO of Empathy. "Empathy's core mission is to protect families when navigating a loss and we are proud to bring a technological solution that supports them through every stage of the grieving process. There's no doubt that logistics are made hard by grief and grief is made harder by logistics. Technology can ease the burden."
1Empathy is not affiliated with New York Life.
2Based on revenue as reported by "Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual)," Fortune magazine, 6/2/2021. For methodology, please see http://fortune.com/fortune500/.
3As reported by "Fortune 2021 World's Most Admired Companies ranking within Insurance (Life and Health)," Fortune magazine, 2/1/2021. For methodology, please see https://fortune.com/franchise-list-page/methodology-worlds-most-admired-companies-2021/.
Empathy's mission is to help families deal with loss, incorporating both emotional and logistical support for the families in their time of need. Powered by technology and driven by purpose, Empathy's application simplifies and streamlines end-of-life bureaucracy with personalized plans and grief support. Launched in 2021 and headquartered in New York and Tel Aviv, Empathy was founded by Ron Gura and Yonatan Bergman and is backed by VC firms General Catalyst and Aleph. To receive more information about Empathy's app, visit us at Empathy.com.
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