It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with Everyday Life to discuss all things credit union, fintech, and digital innovation.
Everyday Life Insurance is a fintech that provides affordable, appropriate life insurance. Everyday Life Insurance uses AI and machine learning to provide life insurance recommendations. After giving its recommendations, Everyday Life serves as a digital agent, helping people select and purchase plans.
Life insurance is slowly but surely going the way of the dinosaur in the United States. Especially for low- and middle-income families, the premiums associated with life insurance can be prohibitively expensive.
Unfortunately, a lack of life insurance can also be a burden on families. In the last year, there were more than 125,000 GoFundMe campaigns requesting memorial service funds alone. That number doesn’t include other costs, nor does it cover other crowdfunding platforms.
Clearly, life insurance for lower- and middle-income earners is necessary. However, much of the industry in its current form can’t accommodate these demographics.
And then there’s the way that life insurance is frequently sold. First, new tiers of service, additional perks, and complicated upgrades get confusing. Then, insurance salespeople make commissions on their sales, which incentives upselling to policies that people don’t need, while also contributing to higher premiums.
It shouldn’t be so difficult.
Everyday Life Insurance aims to make the process of purchasing life insurance easier. By using AI and machine learning, they can quickly determine the best policies for people. By using these new technologies—and by refusing sales commissions—they can often recommend life insurance plans that can save 80% off the cost of traditional policies.
If this sounds like an intriguing credit union–fintech partnership, check out the video and Everyday Life snapshot below!
Credit Union Fintech Snapshot: Everyday Life
Top 3 Problems Solved
- Life insurance recommendations
- Life insurance purchasing
- Life insurance advocacy
Everyday Life Founder: Jake Tamarkin and Dipali Trivedi
Everyday Life Market Strategy: Individual consumers and credit unions
Credit Union Fintech: Everyday Life in the News
What’s wrong with life insurance?
What kind of life insurance do you need?
Interested in seeing more fintech entrepreneurship? Check out the CU 2.0 fintech infographic, Death by 1,000 Cuts. You can see firsthand the impact fintechs have had on the credit union industry, as well as how fintech innovation can improve your income statement, balance sheet, interest margin, services, and more.
Credit Union 2.0 believes fully in the power of credit union and fintech partnerships. With the shared goal to redefine multifaceted financial services models look like to members, more credit unions are looking to partner with forward-leaning fintechs.