Companies announce launch of next generation short-term insurance products
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For the first time in the US market, consumers will have the ability to purchase short-duration event-based life insurance policies, ranging from 24-hours to 30-days, through Spot's simple platform. The affordable coverage enables people to pursue their passions while alleviating the fear that exists during times when they are inherently more at risk.
The announcement directly precedes the world's largest insuretech event, InsureTech Connect 2018, marking the one-year anniversary of the companies’ initial discussions.
“In an age where adventure is everything, we set out to redefine the insurance market, giving people the opportunity to have the peace of mind to live life to the fullest,” said
“We tapped Hannover Re to be our key partner for its years of industry expertise and forward-thinking approach to insuretech. Working with Hannover Re has propelled us forward to introduce short-term policies as ‘the new normal’ in insurance,” said
“The collaboration with Life By Spot was a natural fit for our Partnership Solutions group,” said
Life By Spot plans for a national rollout in 2019.
About Hannover Re US
About Life By Spot
Spot is an ambitious startup opening an entirely new channel of distribution and targeting a demographic, which to date, has been untouchable by traditional incumbents.
On average, Americans under the age of 45 account for less than 5% of the total population with life insurance. That's because life insurance wasn't created for the actual wants and fears of the people Spot aims to serve, and wasn't designed for today’s adventurous lifestyle.
Spot is the industry solution to today's complicated, confusing, and expensive process to acquire life insurance. For the first time, consumers will have the ability to purchase short term policies, ranging from 24-hours to 30-days, for a nominal fee through Spot's simple platform, against a wide range of activities that people want to experience, responsibly.
Led by a team of life insurance veterans and experienced tech entrepreneurs, Spot will alleviate any worry, allowing policyholders to live, love and celebrate life to the fullest. www.lifebyspot.com