What can possibly energize the stuffy world of life insurance? A disruptor like Ethos. Underwritten by well-known, A-rated Assurity Life Insurance Company and backed by top financial investors, Ethos is changing the face of the staid life insurance industry.
So how is Ethos different? It’s a much better, less expensive and more efficient experience. Typically, getting life insurance can be a burden. Long wait times, elevated prices, and a generally tedious process is one of the biggest obstacles to buying life insurance. Ethos presents a new, much more modern way to buy life insurance. Unlike other life insurance companies in the industry which provide a number of options, Ethos provides only term life insurance. Term life insurance is easier to understand and much less expensive. It provides coverage for a fixed amount of time. Most people choose 10, 20 or 30 years, depending on their stage of life and their dependents. The payout and the cost of the policy remain the same throughout the term. This allows some flexibility. If a policyholder’s family only depends on that person financially for 10 more years, there’s no need for a longer term.
It’s easy to see why Ethos is such a game changer. Buying life insurance from providers is not an entirely transparent process. Because many sales representatives work on commission, they are incentivized to sell a more expensive policy than needed. The process is also an arduous one. Paperwork, medical exams, and blood work make buying life insurance an unappealing process. It’s hard enough to have to address the possibility of early death, the challenge of actually signing up for a policy makes it even worse.
Enter Ethos. The insurance provider allows customers to sign up for insurance online in about 10 minutes with only a few pieces of information about the customer. According to the company, their custom-built data analytics and automated post-submission workflow cut out a lot of bureaucracy and paperwork. Despite the automation of the process, Ethos still looks at every application on a case by case basis. Customers can build their policies, in minutes, that fit their specific needs. For most customers, medical exams are not necessary.
At Billshark, we love companies that put customers (not profit) first, have a completely transparent business model and can use technology and data to create a more seamless, faster process. When it comes to game-changing Ethos, the Sharks definitely approve.