PALO ALTO, Calif., Sept. 10, 2018 /PRNewswire/ -- Ladder, the company reinventing life insurance to be instant, simple and smart for today's consumers, will be speaking at InsureTech Connect for the third consecutive year. Since its launch in 2017, Ladder has demonstrated accelerated growth -- introducing groundbreaking, first of their kind innovations, and garnering recognition from some of the industry's most renowned organizations. As the company continues to gain momentum as the leader in the future of life insurance, Ladder CEO and Co-Founder, Jamie Hale, will be unveiling some of the company's upcoming initiatives at the InsureTech Connect event in October. These initiatives will further demonstrate the power of the company's technology-first, consumer-centric approach to life insurance, and build upon the industry-wide innovations that Ladder has introduced to-date.
"In order to evolve life insurance for modern consumers we've built proprietary technology from the ground up and have redesigned every part of the value chain," said Jamie Hale, Ladder CEO and co-founder. "Introducing impactful change required us to rethink everything from the product design and pricing to marketing, risk assessment and everything in between."
Instant, Digital, Fully-Underwritten Life Insurance Ladder was the first company to move beyond manual and accelerated underwriting to offer truly instant, fully-underwritten life insurance policies. Because Ladder utilizes algorithmic underwriting that incorporates hundreds of data points to fully assess the risk, the company is able to provide most of its customers an offer in less than 15 seconds. In fact, the company is often able to deliver decisions as little as 429 milliseconds after a customer submits an application. This level of speed and convenience -- combined with the protective value of a complex underwriting decision -- simply was not possible prior to Ladder.
LadderLifeTM Insurance Product Design Unlike many of its digital competitors who rely on off-the-shelf products from existing incumbent life insurance companies, Ladder teamed up with its insurance company partners to create and design a unique LadderLife product specifically for its customers (currently in 49 states and D.C.). Creating this streamlined product has enabled Ladder to lead the way in customer experience, with NPS routinely well over double the industry average.
End-to-End Customer Experience Integration In addition to delivering decisions in a matter of seconds, Ladder has integrated its front and back-end platforms, enabling the company to offer fully-underwritten policies within minutes -- including application, underwriting, billing, acceptance, issuance, and electronic delivery. This full integration is an important distinction and stands in sharp contrast to other industry participants -- even the newer ones -- who advertise you can 'apply' or 'sign-up' in as little as 10 minutes. These consumers are often then still required to complete a 45-minute telephone underwriting interview. What's more, even if they pass the tele-underwriting interview and wait days or weeks to get an underwriting decision and the policy issued, these same consumers are then not able to do simple things like manage beneficiaries or adjust payment methods online. Ladder is committed to providing consumers with the experience they deserve, every step along the way. This includes calculating and quickly applying for coverage, and even the ability to adjust their policies at any time, without having to pay any fees.
Making Life Dynamic In April 2017 -- just 100 days after the company's launch -- Ladder introduced dynamic life insurance, a first-of-its-kind functionality that allows consumers to adjust their life insurance policies at any time, based on the changing needs of their lives. To make this possible, Ladder created a proprietary policy management system that enables customers to "ladder" their policies (apply to increase or instantly decrease their coverage) at the touch of a button, all online, 24-7, which was another first in the industry.
Ladder API Another industry milestone was the company's launch of the Ladder API in January 2018, a seamless integration that enables companies to offer Ladder's capabilities to their customers. With the Ladder API, the company introduced a proprietary partnership platform -- extending its instant, simple and smart capabilities to consumer-centric financial services companies who understand that Ladder is a mission critical component of their customer's overall financial picture. Furthermore, because Ladder is dynamic, these customers can adjust their policies at any time, with no fee, as their overall financial needs change over time. The launch of the Ladder API not only marked a milestone in Ladder's ongoing efforts to make life better, but also demonstrated a compelling example of a paradigm shift in the fundamental way consumers access, gain information on and engage with life insurance.
Moving at the Speed of Software, Not Insurance Ladder deploys code on average of 13 times a day -- with more than 10,650 enhancements to the codebase already in production -- using its technology and data to continuously improve the process and accelerate the speed of obtaining life insurance. This revolutionary data-centric approach has gained the company industry recognition, including: Fast Company's Most Innovative Companies in Finance, Best InsurTech Company by the FinTech Breakthrough Awards, a Celent Model Insurer Award in the Innovation and Emerging Technologies category and inclusion in the Forrester Life Insurance Wave: Q2 2018 report.
About Ladder Ladder is life insurance built to be instant, simple, and smart. Founded in 2015, Ladder has designed a digital-first life insurance product to serve today's financially savvy consumer. Ladder has raised a total of $54M in funding from investors, including RRE Ventures, Canaan Partners, and Lightspeed Venture Partners. For more information visit: www.ladderlife.com/about.