Hannover Re US and Ladder Join Forces, Using Innovative Technology to Close the $16 Trillion Life Insurance Gap
Oct 25, 2016, 09:08 ET
ORLANDO, Fla. and MENLO PARK, Calif., Oct. 25, 2016 /PRNewswire/ -- Hannover Life Reassurance Company of America ("Hannover Re US"), a member of the third largest reinsurance group in the world, and Ladder, the smart, modern way to insure your life, today announced a joint partnership that will couple Ladder's technology-driven, smart life insurance offering with Hannover Re's risk management and automated underwriting solutions. The result is a seamless, transparent life insurance experience that consumers not only feel confident in, but is also efficient and beautifully designed. The benefits of this partnership will be available immediately upon Ladder's consumer launch in the coming months.
"Ladder is making a huge advancement in the InsurTech space," said Peter Schaefer, president and CEO of Hannover Re US. "As the industry continues to move toward tech-savvy consumers, we will continue to develop market-leading solutions to support agile underwriting, improved risk selection, and a better consumer experience."
Today, consumers rely on digital solutions to manage most areas of their financial lives; however, they have limited user-directed and technology-enabled options for purchasing life insurance. In the coming months, Ladder will introduce a first-of-its-kind life insurance product that incorporates a technology-driven and consumer-focused buying experience.
"We're extremely pleased to partner with an industry-leading innovator," said Jamie Hale, CEO and co-founder of Ladder. "We are deeply impressed by the quality of Hannover Re's risk assessment, their ReFlex underwriting technology platform, and the spirit of partnership needed to delight the modern consumer."
By introducing innovative technology to the life insurance market, Ladder gives consumers an alternative to purchasing through an agent. Making life insurance a product for the self-directed user is one step the market can take to close the $16 trillion coverage gap in the United States (source: LIMRA).
Hannover Re US EVP, Chris Shanahan, and Ladder CEO and co-founder, Jamie Hale are scheduled to speak today at the 2016 SOA Annual Meeting & Exhibit on a panel titled, "Leveraging InsurTech to Attract New Customers." Jamie Hale will also be speaking today at Money20/20, the leading payments and fintech event, on the "InsurTech Disruptors: Redefining an Industry" panel.
For more information on Ladder and for updates on the company's launch, visit: www.ladderlife.com.
About Hannover Re US
Hannover Life Reassurance Company of America (Hannover Re US), which is licensed and/or accredited in all 50 states, the District of Columbia, Puerto Rico and Guam, is the North American life and health reinsurance subsidiary of the Hannover Re Group (HNR1). Hannover Re, with gross premium of around EUR 17 billion, is the third-largest reinsurer in the world. It transacts all lines of property & casualty and life & health reinsurance and is present on all continents with around 2,500 staff. Established in 1966, the Hannover Re Group today has a network of more than 100 subsidiaries, branches and representative offices worldwide. The Group's German business is written by the subsidiary E+S Rück. The rating agencies most relevant to the insurance industry have awarded Hannover Re very strong insurer financial strength ratings (Standard & Poor's AA- "Very Strong" and A.M. Best A+ "Superior"). In 2016 Hannover Re celebrates its fiftieth anniversary. For more information visit: www.hannover-re.com.
About Ladder
Ladder is the smart, modern way to insure your life. Founded in 2015, Ladder's first-of-its-kind, digital life insurance product is designed around serving today's financially savvy consumer, and architecting a way to structure the risk securely and in real time. Ladder is headquartered in Menlo Park, CA. For more information visit: www.ladderlife.com/about.
Contacts
Hannover Re US
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Ladder
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SOURCE Ladder