Wonder

Term Life Insurance Innovation

Delivered October 29, 2019. Contributor: Dagmawit W.

Goals

To understand innovation in the term life insurance sector: startups. To obtain information on each innovation's time in market, capital raised, gross revenue, website, and key features.

Early Findings

OverviewTerm life insurance is a low-cost option in its category, hence, a popular life insurance policy.
Some startups are aiming at changing/impacting the life insurance sector.
This sector has not experienced as much innovation as other sectors of health. One factor is the industry language, the thought process, and how transactions are handled. 
Any new approach should seek to:
Put the client/customer at the center of the business.
Implement a direct-to-client approach by simplifying the product options and the purchase process.
Align with the unique needs of the different generations. Meeting the needs of baby boomers, millennials, and generation zers.
Align with technological advancements whereby the mobile phone is the focal point and social media is the main advertising/customer relation/public image channel.
 Disprove orthodoxies that have defined how business is done in this industry.
Startups are attempting to resolve carrier problems and any barriers. 
Examples of startups that are aimed at term life insurance are Ladder are Insquik.

Proposed next steps:

You need to be the project owner to select a next step.

Following our initial research, we recommend identifying 6-8 startups that offer solutions in the term life insurance sector. For each startup, we will determine the length of time it has been in the market, capital/funding raised, gross revenue, website, and key features.

Additionally, we could provide the same insights into startups in the general life insurance sector altogether. These do not have to be specific to term life insurance only. We would need to identify 9-12 such startups.