{"id":342056,"date":"2017-05-27T00:06:25","date_gmt":"2017-05-26T16:06:25","guid":{"rendered":"http:\/\/techcrunch.com\/?p=1496411"},"modified":"2017-05-27T00:06:25","modified_gmt":"2017-05-26T16:06:25","slug":"insurance-startup-quilt-adds-life-insurance-to-its-portfolio-of-products","status":"publish","type":"post","link":"https:\/\/people.utm.my\/asmawisham\/insurance-startup-quilt-adds-life-insurance-to-its-portfolio-of-products\/","title":{"rendered":"Insurance startup Quilt adds life insurance to its portfolio of products"},"content":{"rendered":"

<\/p>\n

The startup insurance application processor Quilt<\/a> has added a life insurance product to its portfolio and\u00a0has begun pitching its digital enrollment in 37 states across the country.<\/p>\n

In partnership with Generation Life (a 50-year-old insurance company that was recently acquired by Swiss Re), Quilt is looking to make the process of applying for life insurance easier so that the under-insured population of millennials can have the coverage they need.<\/p>\n

Quilt\u2019s digital application can cut the\u00a0approval process for life insurance policies of up to $1 million from months to a mere 15 minutes, the company said.<\/p>\n

The company wouldn\u2019t say what would make someone ineligible for a policy, but noted that \u201cmany\u201d of the company\u2019s existing customers could qualify for approval online.<\/p>\n

\u201cWe are thrilled about this new collaboration and look forward to working with Quilt. Together we will provide high quality products and services to help more young people get life insurance and protect their families,\u201d said Philip Walker, CEO of Generation Life Insurance, in a statement.<\/p>\n

Walker, who also serves as the chief executive officer of iptiQ Americas by Swiss Re (according to his LinkedIn profile) has a long history in the insurance business\u2026 and the connection to Swiss Re is invaluable for a company like Quilt.<\/p>\n

It\u2019s important to note while Quilt is selling life insurance products, it\u2019s not handling the policies themselves.<\/p>\n

Basically the company is trying to create a better user experience for new customers, rather than reinvent the policies themselves.<\/p>\n

The company launched in 2016 with a renters insurance portal that would speed up the approval process for that type of insurance product. Now, with Generation Life, the company is expanding into its second insurance vertical.<\/p>\n

Ultimately, Quilt wants to partner with one insurance provider across a range of categories including travel insurance and pet insurance next in line (not necessarily in that order).<\/p>\n

And while Quilt won\u2019t hold the policies, it will handle the process of settling claims in most categories (life insurance\u2026 is a different animal, according to Quilt chief executive Blair Baldwin).<\/p>\n

And while insurers get a bad rap, Baldwin says\u00a0it\u2019s mostly undeserved.<\/p>\n

\u201cThe big carriers make all of their money on their investments,\u201d Baldwin says. \u201cThey target 10% returns for the policy business\u2026. They\u2019re really not trying to screw the customer.\u201d<\/p>\n

In a sense the industry is maligned because it\u2019s outdated and misunderstood, according to Baldwin.<\/p>\n

\u201cYou can say what you will about legacy organizations where the average age is 57 and they\u2019re all predominantly older, white gentlemen. They\u2019re trying to run a business and they\u2019re trying to do right by the customer. They just have an outdated mindset,\u201d Baldwin says.<\/p>\n

The industry may be old and stodgy, but Quilt is hoping that with its new enrollment process, it can get you covered (I see what they did there).<\/p>\n","protected":false},"excerpt":{"rendered":"

\"\" The startup insurance application processor Quilt has added a life insurance product to its portfolio and\u00a0has begun pitching its digital enrollment in 37 states across the country.
\nIn partnership with Generation Life (a 50-year-old insurance company that was recently acquired by Swiss Re), Quilt is looking to make the process of applying for life insurance easier so that the under-insured… Read More<\/a><\/p>\n

\n<\/img><\/a> <\/img><\/a> <\/img><\/a> <\/img><\/a> <\/img><\/a> <\/img><\/a>\n<\/div>\n

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