Western & Southern Financial Group announced Jan. 12 it has acquired Fabric Technologies and its subsidiary, Fabric Insurance Agency LLC, which provide a digital life insurance platform and mobile app that the companies say is “serving over 60,000 families and has placed billions of dollars in life insurance coverage.”
Terms of the deal were not disclosed. In a statement, W&S said it and Fabric “share a vision of offering the mass market easy-to-use digital solutions to purchase insurance and other financial services.”
Through its secure digital platform and mobile app, Fabric offers affordable term life insurance, a free last will and testament, tools to organize family finances, and—in partnership with other providers—additional solutions such as college savings plans. The life insurance application takes about 10 minutes to complete, with immediate approval for qualified applicants through Fabric’s digital underwriting process.
Accidental death policies and term life insurance policies are issued by Vantis Life Insurance Company, Windsor Conn. (all states except N.Y.). Fabric Insurance Agency LLC is an insurance agency licensed to sell life and accident insurance products.
Publication Date: 12 Jan 2022
Publication Site: Insurance Forums