Montreal insurtech startup Breathe Life, which offers consumer-centric digital solutions for the insurance industry, announced the availability of its Consumer-Driven Module, a white-label B2C solution, that helps carriers and agencies sell direct to consumer online while providing an engaging buying experience.
A report from Accenture estimates the resulting life insurance gap to be around $12 trillion for American middle market customers, with $12 billion in new revenue to be gained by simply serving them. Breathe Life’s Consumer-Driven Module was designed to help the insurance industry bring financial security to millions of customers in the middle market that are currently underserved, since it takes the same amount of effort to write a small policy with small profit margins as it does to write a large policy with large margins.
“The Breathe Life Consumer-Driven Module is designed to do the heavy lifting of targeting qualified prospects, making it easy for them to do business with you online,” said Ian Jeffrey, co-founder and CEO at Breathe Life. “At the same time, the solution keeps agents available throughout the process to help answer questions, add value to the online experience and even close sales at a distance through its omni-channel features.”
He stated that by reducing the cost of customer acquisition, Breathe Life enables the insurance industry to make financial security accessible to more people.
Breathe Life provides life and health insurers, distribution organizations, and advisors with white-label solutions to “quickly and cost-effectively” onboard new clients. It provides clients a way to find life insurance without going to a broker. The Consumer-Driven Module marks the first product Breathe Life has brought to market since it was founded by Arach Tchoupani, Jean-Nicholas Hould, Sébastien Malherbe, and Ian Jeffrey in January 2018.
The new module offers a suite of tools, the first being an online application and quoting system for multiple insurance products, the second is a set of omni-channel engagement tools, and digital marketing insights, including analytics and marketing tools that helps providers of all sizes to reach target audiences across multiple channels.
The solution aims to deliver a cost-effective solution for carriers and agencies to digitize and pursue new customer segments, reduce costs with digital acquisition and distribution, and open new market opportunities with custom-branded digital tools.
In February, Breathe Life raised $4.5 million CAD in a seed round of equity funding from Diagram Ventures, Real Ventures and other angel investors. In December, National Bank Insurance also announced a partnership with Breathe Life to develop direct online life insurance distribution solutions.The company is looking to expand its team, which sat at 20 people in February, to at least 30 by the end of the year.
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