ORLANDO, Fla.--(BUSINESS WIRE)--Hannover Life Reassurance Company of America (Hannover Re US) and Ladder announce the growth of their successful partnership having worked together since 2016 to close the life insurance gap in the US. Ladder’s technology-driven, smart life insurance offering provides a seamless, transparent life insurance buying experience that meets the demands of today’s consumers. Hannover Re US has continued to support Ladder with innovative risk management solutions, accelerated underwriting consultation and outsourced underwriting services.
“Ladder has made huge advancements in the life insurance industry with their modern technology and relentless dedication to customer-focused design as observed in a growing number of life insurance applications,” said Kevin Oldani, Senior Vice President and Chief Underwriter, Hannover Re US. “We are pleased to continue this successful partnership in pursuit of making life insurance accessible to consumers through a digital process.”
Historically, the majority of consumers purchasing life insurance preferred in-person sales. The 2020 data indicates that most consumers now prefer alternative distribution methods. Preference towards in-person sales declined from 64 percent in 2011 to 41 percent in 2020, while the preference for internet/on-line sales grew from 17 percent in 2011 to 29 percent in 2020 (source: LIMRA).
“We are incredibly pleased to continue to grow our partnership with Hannover Re. They are an industry-leading innovator,” said Jamie Hale, CEO and Co-Founder of Ladder. “Their risk management expertise and agile underwriting support have given us the tools we need to both delight the modern consumer and support sustainable innovation.”
About Hannover Re
Hannover Life Reassurance Company of America (Hannover Re US), which is licensed and/or accredited in all 50 states, the District of Columbia and Puerto Rico, is one of the North American life and health reinsurance subsidiaries of the Hannover Re Group. Hannover Re Group, with gross premium of more than EUR 22 billion, is the third-largest reinsurer in the world. It transacts all lines of property & casualty and life & health reinsurance and is present on all continents with more than 3,000 staff and a network of more than 150 subsidiaries, branches and representative offices. The rating agencies most relevant to the insurance industry have awarded Hannover Re very strong insurer financial strength ratings (Standard & Poor's AA- "Very Strong" and A.M. Best A+ "Superior"). For more information, visit www.hannover-re.com.