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Covr Financial Technologies, Americo and SCOR Join Forces to Launch New Life Insurance Product Aligned with Consumer and Business Lending

Covr Financial Technologies, Americo and SCOR Join Forces to Launch New Life Insurance Product Aligned with Consumer and Business Lending

Covr Financial Technologies, Americo and SCOR Join Forces to Launch New Life Insurance Product Aligned with Consumer and Business Lending

LoanMatch Protector provides life insurance tailored to loan amortization schedules, including mortgage and small business loans

PR Newswire

HARTFORD, Conn., Jan. 15, 2021

HARTFORD, Conn., Jan. 15, 2021 /PRNewswire/ -- Covr Financial Technologies (Covr), Americo Financial Life and Annuity Insurance Company (Americo), and global reinsurer SCOR are today announcing the launch of LoanMatch Protector, a first-of-its-kind life insurance policy customized to a consumer's specific loan amortization schedule. This new collaboration brings LoanMatch Protector to customers of banks, credit unions, lenders, e-banks and direct lenders through Covr's industry-leading, white-labeled digital life insurance platform. Covr has made it easy for customers of their partner financial institutions to purchase coverage during or after their loan applications through seamless digital integration with the institution's technology.

The creation of LoanMatch Protector has brought together three influential organizations in the U.S. life insurance industry, with Americo, an "A" (Excellent) rated insurance carrier by A.M Best, SCOR as one of the nation's largest reinsurance companies, and Covr Financial Technologies as the digital technology engine.

The LoanMatch Protector solution addresses the need for affordable and easy-to-attain life insurance protection when individuals and businesses take out loans. The insurance amount closely matches the amount of the loan, saving customers 30% or more compared to level term life insurance solutions. The process can be completed in less than 15 minutes and eliminates the need for a time-consuming medical examination 88% of the time for coverage amounts up to $1 million.

Covr's leading-edge, white-labeled digital consumer life insurance platform uses API functionality and predictive analytics to seamlessly integrate the LoanMatch Protector product into any distributor's model. Covr's platform offers a turnkey suite of life insurance offerings for financial institutions, including single session 'apply and buy' insurance, multi-carrier insurance solutions, needs analysis tools, educational content, and telephone-based sales support.

"LoanMatch Protector is an example of market-leading innovation in the life insurance space. In a time of increased consumer demand for life insurance, Covr, Americo and SCOR have joined forces to develop a product that truly provides a highly desirable and personalized life insurance policy for consumers that is linked to their loan amount," said Mike Kalen, Covr CEO. 

"With a 100-year history of financial strength and innovation, Americo is thrilled to collaborate with Covr and SCOR to issue the LoanMatch Protector product. It fills a much-needed gap in the life insurance marketplace," said Phil Polkinghorn, President and CEO of Americo.

"LoanMatch Protector brings together SCOR's track record of leading-edge innovation in the insurance industry, Americo's long-standing reputation in the life insurance space, and Covr's market-leading digital platform, to provide a best-in-class life insurance product that is truly unique in the market," said Richard De Sousa, Senior Vice President of Strategic Partnerships, SCOR.

About Covr Financial Technologies Inc.
Covr partners with financial brands to provide life insurance solutions to their customers in an efficient, easy way that streamlines the process of selling and buying policies. Covr offers a choice of trusted life insurance products from leading insurance carriers, an easy way to compare rates, and the ability to purchase policies within minutes. Through its white label solutions, Covr helps financial institutions deliver a great experience under an existing brand their customers already trust.  Covr currently serves over 25,000 financial advisors and over 10 million customers across over 30 financial institutions. For more information, visit covrtech.com or follow us @covrtech and on LinkedIn.

Covr's investors include eight leading venture capital firms: Nyca Partners, Commerce Ventures, Allianz Life Ventures, Connectivity Capital Partners, Contour Venture Partners, Aflac Ventures, Fairview Capital, and Connecticut Innovations. Covr's Advisory Board includes financial services leaders, including Chairman Brian Finn, former president of Credit Suisse First Boston; Joe Plumeri, Vice Chairman of the Board of Directors of First Data Corporation and former CEO of Citibank North America; Sallie Krawcheck, CEO and co-founder of Ellevest as well as senior executive roles at Bank of America, Citigroup and Smith Barney; Hans Morris, managing partner, Nyca Partners, chairman of Lending Club, formerly president of Visa; Brady Dougan, former CEO of Credit Suisse; Gregg Fleming of Rockefeller Capital and Bob Kerzner, formerly CEO of LIMRA. 

About Americo Life, Inc.
Americo Life, Inc.'s family of insurance companies is committed to providing the Life Insurance, Annuity, and Medicare Supplement solutions consumers need to protect their families and future. Innovative thinking has helped Americo Life, Inc. build a strong financial foundation for its business. Americo Financial Life and Annuity Insurance Company (Americo) is the lead company with more than $27.9 billion of life insurance in force and over $7 billion in assets for year-end 2019. Americo has a financial strength rating of A with A.M. Best (Excellent, 3rd out of 15 rating categories). A.M. Best's rating is assigned after a comprehensive quantitative and qualitative evaluation of a company's balance sheet strength, operating performance, and business profile. A.M. Best uses a scale of 15 ratings, ranging from "A++" to "F." For more information, please visit www.americo.com.

About SCOR, a Global Tier 1 Reinsurer
SCOR, the world's fourth largest reinsurer, offers its clients a diversified and innovative range of solutions and services to control and manage risk. Applying the "The Art & Science of Risk", SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society.

SCOR offers its clients an optimal level of security with its AA- rating from S&P and Fitch. The Group generated premiums of more than EUR 16 billion in 2019 and serves clients in more than 160 countries from its 38 offices worldwide. For more information, visit www.SCOR.com.

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SOURCE Covr Financial Technologies, Inc.