Lincoln Financial teams up with Modern Life; Citi selects Covr: Insurtech partnerships

September 27, 2022 12:20 PM

Lincoln Financial partners with Modern Life, a life insurance brokerage, to accelerate digital transformation. The partnership will allow for Lincoln's life insurance products to be delivered on Modern Life's platform. "Lincoln is embracing the future of distribution and evolving to meet an increased demand for more digitization in the insurance buying experience, across all touchpoints for our wholesalers, financial professionals and end consumers," said Aadil Lokhandwala, senior vice president, office of strategic planning for Lincoln Financial Distributors, in a statement. "This new partnership with Modern Life enables us to expand our distribution reach, accelerates our virtual-first distribution strategy and provides increased transparency and an improved end-to-end digital experience for financial professionals in serving their clients."

Citi selects Covr Financial Technologies to help its U.S. financial advisor integrate life insurance into financial plans by using Covr's platform. "Covr was able to work with Citi to integrate its complex requirements into one easy-to-use digital insurance platform," said Ron Alexander, Covr president and head of innovation, in a statement. "Making the complicated simple is what we do every day, and the ability to collaborate with a leading firm like Citi allowed us to take our technology to an even broader audience. This further positions Covr as a leading provider of digital insurance technology and services to financial institutions."

HUB International partners with Ethos on instant life insurance coverage for its VIU, a digital brokerage platform, which launched in June. "Adding life insurance as an option less than four months after launching VIU by HUB with home and auto insurance, is a testament to our rapid innovation and agile approach that enables us to bring new features and functionality to our customers quickly and seamlessly," said Bryan Davis, EVP, head of VIU, in a statement. "By connecting customers with Ethos, along with its straightforward application process and flexible, affordable plans, we are building on our promise to make insurance easy and accessible for all lifestyles."

POM Insurance, a member of the Franklin Mutual Insurance Group, and vipHomeLink announced a partnership to provide digital home management solutions to POM policyholders as a part of its homeowners' protection plan. The solution simplifies the maintenance and management of a home. Jonathan Zabek, the Franklin Mutual Insurance Group's executive vice president said in a statement: "We've been partnering with vipHomeLink since 2021 at FMI and are pleased to now have their platform accompanying our launch of POM Insurance as we evolve the insurance product for homeowners, renters and condo owners into a smarter solution focused on predicting and preventing losses from happening in the first place."

MIB, a digital and data solution provider for life insurers, partnered with DigitalOwl, an AI data analysis software provider, to enable clients to obtain medical records across electronic health records, health information exchanges and patient portals. The partnership will simplify the underwriting assessment process and is exclusively available to clients of the MIB Electronic Medical Data Service. Andrea Caruso, executive vice president and chief operating officer at MIB said in a statement: "The manual review of inconsistently structured medical data is time consuming and inefficient. By providing an underwriting-focused, standardized view, our customers will be able to quickly identify the critical elements needed for appropriate risk assessment while improving the client application experience."

Recoop Disaster Insurance partners with Insurity to launch a customer platform in 39 states, including Washington, D.C. The platform, backed by Insurity's Sure Personal Suite, will allow Recoop to automate more tasks, reduce manual processing and provide self-service options to policyholders. Darren Wood, founder and chief product officer of Recoop Disaster Insurance, said in a statement: "The self-service capabilities of Sure Personal empower our policyholders to have a more responsive, intuitive experience, which helps us deliver on our commitment to help people rebuild and get back to life faster following a disaster."