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About Hugh Terry & The Digital Insurer

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Services of interest
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Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology-intensive and converging industries. We enable our clients to build innovation capabilities and transform their organizations. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

FINNOVATING

Finnovating is a Matching as a service platform that enables X-Techs from all around the word to connect , collaborate and get the funding they need to grow from investors and corporations globally. The Finnovating platform is a space were the key players of the Tech industry can connect together easily and boost global Tech innovations.

SØNR

Sønr is the world’s most comprehensive source of innovation intelligence. It is a subscription platform used by some of the best known insurance companies globally.

It tracks millions of companies around the world and provides insight on the latest market trends, the startups and scaleups reshaping the industry, and intelligence on how other big insurers are innovating.

Sønr includes a suite of tools designed for teams to better collaborate and connect. From recording meetings to capturing and sharing Notes, to being able to track and share activity across the company using Watchlists and CRM boards.

The platform is backed up by a team of consultants, researchers and analysts who support clients in discovering and creating new business opportunities.

Ladder Life Insurance

In Action Summary

Life insurance is proving to be a difficult nut to crack for digital insurers. Although the reasons are multiple Ladder is among a new breed of startups that are trying to revolutionize the purchase, consumption and distribution of life insurance.

Specifically, Ladder is redesigning the life insurance purchasing process with an instant decision as opposed to waiting for the industry average of six weeks. To accomplish this – and satisfy the regulatory requirements regarding the underwriting of life insurance – Ladder is leveraging AI algorithms that deliver an initial insurance quotation matching a prospects profile and needs within seconds.

The Ladder team is staffed with ex Dropbox and Google engineers who are developing data-driven term life policies that have low premiums and coverage limits of up to $8 million in California.

How Ladder’s application process works:

  1. A brief question set leads to a term life insurance quote in seconds.
  2. The consumer then confirms their application online and get coverage instantly.
  3. If Ladder needs more information about the consumer via a (free) medical exam, it will send a medical professional to the individual.

 

Ladder simplifies the core insurance product to fit into an online digital model while simultaneously lowering the cost of insurance through tailored policy terms and monthly premium payments

Ladder’s CEO, Jamie Hale, summed up Ladder’s advantage amid a market driven primarily by offline distribution: “We’ve built Ladder with new technology and without expensive middlemen or sales offices. That means we can provide customers with the best, personalised value, price and experience and service.”

Ultimately, Ladder is offering a digitally delivered term life insurance product while simultaneously lowering premiums by offering tailored policies payable in monthly instalments. The challenge for Ladder will be in building brand recognition amid established competitors, in addition to expanding the product range while maintaining its digital delivery model.

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