SE2, a provider of third-party administration services and software for life insurers, has taken a majority stake in Life.io, an insurtech focused on customer engagement in the life insurance sector.
Under the terms of the agreement, SE2 will be a majority owner of Life.io, which will operate as an independent subsidiary of the company. The companies’ relationship began with a minority investment in spring 2018.
“The structure that SE2 formed fits the best of both worlds from the standpoint of an insurtech,” says Jon Cooper, CEO and co-founder of Life.io. “Having been one of the early insurtechs, getting out of the annual fundraising cycle eliminates a huge distraction. It’s a strong safety net.”
Life.io’s platform rewards policyholders for taking steps to improve their wellbeing through educational content, wearables and self-reported data. SE2 plans to incorporate this platform as an add-on offering for its Aurum administration platform. The company's customers include two of the top five international life insurance carriers. SE2 has 35 clients in North America that will get access to the platform.
Vinod Kachroo, CIO of SE2, says that his company has discovered through working with some of its customers that having a robust engagement platform is crucial to attracting life insurance customers.
“I see a huge gap in the life and annuity industry for engagement platform. Without that, the offering is incomplete,” he says.
