DALLAS, Sept. 14, 2021 /PRNewswire/ -- Bestow, the leading digital life insurance platform, today announces the successful acquisition of Centurion Life Insurance Company, an insurer with licenses in 47 states and the District of Columbia. With the closing of this life insurance carrier acquisition, Bestow gains the autonomy to design and launch a suite of innovative financial protection products on its platform — furthering its mission of making coverage accessible to millions of underserved families.
"Meeting the regulatory and seasoning requirements to be a nationally licensed life insurance company is incredibly challenging, but worth the effort required to continue pioneering new solutions," said Melbourne O'Banion, CEO and Co-founder of Bestow. "We're leaders in building digital life insurance infrastructure that solves highly complex industry pain points, so creating innovative products is a natural next step for us. As the first full-stack challenger carrier, we are excited to continue reimagining product design from the ground up as we expand the life insurance market to new customers and partners."
In addition to launching new products offered by Bestow Life Insurance Company (BLIC), the innovator will continue to operate as an agency and Third-Party Administrator (TPA) selling policies issued by its partner North American Company for Life and Health Insurance®.
Bestow is rapidly growing across its diverse business lines. The company is signing leading insurance and fintech partners — already doubling year-to-date revenue. Additionally, Bestow has hired nearly 80 new team members in the past 90 days and plans to hire another 70 by the end of 2021 to capitalize on numerous opportunities ahead.
Bestow's technology stack is a key differentiator enabling it to operate as both a life insurance provider and software company. With Bestow Protect APISM, partners like Lemonade can seamlessly embed digital life insurance offerings into their ecosystem — increasing revenue, retention and lifetime value. Bestow is also onboarding traditional carrier partners that license Bestow's platform to transform their insurance business with modern technology and best-in-class operations.
"We built our platform to power the best possible life insurance products — whether they are issued by Bestow Life or a trusted carrier partner," said Jonathan Abelmann, President and Co-Founder of Bestow. "By offering a more robust product suite on our platform, we can provide partners with personalized life insurance experiences that meet the unique needs of their customers."