Categories

Insurtech Overalls Introduces First All-In-One Insurance Protection Portfolio

Overalls, which claims to be the first personalized, all-in-one protection platform, is “shaking up” how worker benefits are packaged by taking an innovative approach to insurance that “combines life, personal-line and entirely new protection products into algorithmically optimized and personalized portfolios to celebrate life’s ups and protect life’s downs.”

“Today, insurance is confusing and disjointed,” stated Jon Cooper, CEO of Overalls.

Jon added:

“Instead of spending hours researching the nuances of the industry or putting their trust in a commissioned salesperson, consumers – through their employers – can use Overalls to source protection tailored to their lifestyle and financial goals in one place.”

Insurance is easier to purchase than ever before, however, voluntary benefits are largely “overshadowed by medical and retirement offerings,” according to a release shared with Ci.

Data shows enrollment rates in supplemental benefits are “extremely low, typically ranging from 5-20%.” Overalls aims to address this imbalance by “creating a personalized and dynamic insurance model and partnering with employers across the country to deliver well-rounded benefits for the modern workforce,” the update explained.

Emily Johnson, Chief Product Officer at Overalls, remarked:

“We’ve chosen to work with employers because when it comes to innovation, supplemental benefits are often an afterthought. Through increased education, engagement, and personalization, Overalls can help employees improve their overall financial security, while also allowing employers to provide benefits tailored to their employee’s needs.”

The Overalls algorithm integrates consumers’ important financial milestones and targets with “information about their personality and lifestyle, to create a personal portfolio of the best supplemental protection plans and complementary products.

A unique offering from Overalls is the “Celebrate” program, “the industry’s first ‘happy insurance’ extension designed to celebrate life’s milestones, such as buying a house, getting engaged, having a baby, and more.”

As noted in the announcement, Overalls is “a no-cost solution to employers, helping employees get more from their voluntary benefits and designed to protect and celebrate the people and things they care about most.” At launch, Overalls will be “available directly through employers as an additional offering to their current benefits package,” the update confirmed.

As mentioned in the release, Overalls is a digital insurance platform that “protects and celebrates humans at work building their dream lives.”

The all-in-one protection platform, Overalls is designed to “help consumers obtain and maintain a personalized insurance portfolio that will take them through all of life’s twists and turns.” Overalls was established this year by Jon Cooper and Emily Johnson at Redesign Health.

As noted in the update, Redesign Health is “on a mission to redesign health — for everyone. Its idea-to-launch approach builds companies that create a better healthcare experience for all.”

Redesign Health integrates “a historically complex process of ideating, developing, funding, and launching companies into a streamlined platform.” Its multidisciplinary experts work in tandem with founders “to introduce transformational health solutions and develop a new foundation for healthcare.”

Source