Gainbridge Insurance Agency will launch a B2B insurance-as-a-service platform for FinTechs later this year.
The platform will offer turnkey savings and retirement solutions for FinTechs’ customers, the InsurTech subsidiary of Group 1001 said in a Thursday (May 25) press release.
“The world of consumer finance is growing increasingly fragmented as individuals demand direct access to products and services and greater control over how their finances get managed,” Group 1001 Chief Strategy Officer, Life & Annuity Justin Wee said in the release. “We’re excited to help address the needs in the ‘save,’ ‘invest’ and ‘protect’ legs of the consumer financial journey, and we want to empower companies by making it easier to offer these to their customers by bringing down the barriers to entry in the insurance world.”
The new white-label investment products offered via the B2B platform will join Gainbridge’s existing commission-free annuity products that it offers through its current digital-first user interface, according to the press release.
The B2B platform and products will allow consumer finance companies to launch new products with the support of Gainbridge’s application programming interface (API)-based, cloud-native platform that enables policy issuance, policy administration and reporting — all tailored to each company’s brand, the release said.
Gainbridge has already partnered with SaveTech platform SAVE to enable it to offer fixed annuities, per the release.
“Our partnership with Gainbridge is changing how investments in annuities are made with a technology solution that allows us to process annuities paperlessly,” SAVE CEO and founder Michael Nelskyla said in the release.
The news from Gainbridge is the latest announcement of embedded insurance products covering different aspects of the industry.
For example, on May 17, Obie raised $26 million in Series B funding to add new partnerships and products to its embedded insurance offering for real estate investors.
Obie now has 75 partners — including ones in PropTech, FinTech, property management and other relevant segments — and has seen 300% growth among real estate investors over the past two years.
Two months earlier, in March, InsurTech Cover Genius purchased warranty provider Clyde to expand its market share in the midsized eCommerce market.
Cover Genius enables customers to add warranty protection for purchases within the checkout experience.
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