First of Its Form Platform for Insurance coverage Options and Monetary Planning
HARTFORD, Conn. and BOSTON, Dec. 17, 2020 /PRNewswire/ — Covr Monetary Applied sciences (Covr) and The Monetary Architect Companions, LLC (FinArch) introduced right this moment they’ve shaped a partnership to carry a holistic, technology-driven answer to monetary establishments for all times insurance coverage. This new platform gives a single answer for monetary establishments – together with wealth planning teams, wirehouses, unbiased broker-dealers, banks, credit score unions, RIA corporations, robo advisory corporations and household places of work – trying to enhance their utilization of life insurance coverage in monetary planning. This new platform combines the very best of personalised recommendation and complex design with innovative digital know-how.
Covr Monetary Applied sciences and The Monetary Architects Companions, LLC Launch Digital Insurance coverage Partnership
“This new partnership deepens our attain into monetary establishments,” mentioned Jeff Ostrum, Managing Director of FinArch. “For a few years, we have been working to accomplice extra effectively and Covr’s platform brings the performance and scalability we’d like. As we serve the very best finish of the monetary advisor market, we stay up for persevering with to do what we do best– serving to shoppers enhance their monetary state of affairs by way of extremely personalized life insurance coverage options.”
“Covr was lucky to construct scalable know-how constructed across the monetary advisor,” mentioned Mike Kalen, CEO of Covr Monetary Applied sciences. “Nonetheless, FinArch’s refined recommendation for tremendous prosperous shoppers takes the platform to a brand new stage. This partnership suits completely and gives our clients an alternative choice for offering insurance coverage options.”
This new platform gives advisors and their corporations a single platform for managing insurance coverage from shopper profile, case design, coverage submission, coverage supply and inforce administration. The platform has distinctive capabilities similar to actual time quoting, doc sharing, e-signature, e-delivery, case monitoring and digital coverage overview enablement. It additionally has the power to carry out suitability to assist with Reg BI and Reg 187 compliance. FinArch and Covr created this partnership to carry technology-enabled, holistic superior insurance coverage design and relationship-based gross sales help collectively in a single market-leading platform. The platform gives options that embody property planning, non-public placement life insurance coverage, core insurance coverage options, in addition to extra easy options like time period life insurance coverage, annuities and asset-based LTC.
About Covr Monetary Applied sciences
Covr companions with monetary establishments to offer life insurance coverage options to their clients in an environment friendly, simple method that streamlines the method of promoting and shopping for insurance policies. Covr gives a alternative of trusted life insurance coverage merchandise from main insurance coverage carriers, a simple method to examine charges, and the power to buy insurance policies inside minutes. By its white label options, Covr helps monetary establishments ship an awesome expertise beneath an current model their clients already belief. Covr at the moment serves over 25,000 monetary advisors and over 10 million clients throughout over 30 monetary establishments.
Covr’s buyers embody eight main enterprise capital corporations: Nyca Companions, Commerce Ventures, Allianz Life Ventures, Connectivity Capital Companions, Contour Enterprise Companions, Aflac Ventures, Fairview Capital, and Connecticut Improvements. Covr’s Advisory Board consists of monetary providers leaders, together with Chairman Brian Finn, former president of Credit score Suisse First Boston; Joe Plumeri, Vice Chairman of the Board of Administrators of First Information Company and former CEO of Citibank North America; Sallie Krawcheck, CEO and co-founder of Ellevest in addition to senior govt roles at Financial institution of America, Citigroup and Smith Barney; Hans Morris, managing accomplice, Nyca Companions, chairman of Lending Membership, previously president of Visa; Brady Dougan, former CEO of Credit score Suisse; Gregg Fleming of Rockefeller Capital and Bob Kerzner, previously CEO of LIMRA.
About Monetary Architects
The Monetary Architects Companions is a 25 particular person nationwide agency primarily based in Boston, solely targeted on evaluating, constructing, and actively managing massive life insurance coverage portfolios for the tremendous prosperous. We advise on $20B of life insurance coverage for the 425 households we serve and we selectively begin new engagements every year by way of shopper and advisor referrals. We constructed our enterprise by being a specialised useful resource to prime tax, funding, and authorized advisors, and household places of work that want an skilled life insurance coverage planning advisor for his or her shoppers. Annually we handle a number of the nation’s largest belief owned life insurance coverage implementations, which are sometimes referred by different brokers who depend on our concepts, execution, and again workplace capabilities to construct a really diversified and optimized portfolio.
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SOURCE Covr Monetary Applied sciences, Inc.