Life Insurance Tech Company Partners With Platform to Provide Support in Time of Loss
Leading life insurance technology company Bestow today announced its partnership with Empathy, a platform helping families navigate the emotional and logistical challenges of losing a loved one. Through the partnership, Empathy's app and premium services are available to beneficiaries in 20 states at no cost — providing additional layers of emotional and administrative support when dealing with loss. Beneficiaries and up to 9 friends or family members can use Empathy's app to assist with many end-of-life tasks, including filing a life insurance claim, planning a funeral, and writing an obituary.
Bestow is building the leading life insurance platform that powers best-in-class products and experiences for policyholders and their loved ones. Empathy's platform was created to support families through every aspect of loss, offering a holistic approach to bereavement care by combining technology and human support.
By partnering with Empathy, Bestow extends its positive impact on the life insurance experience by providing needed support when a family is navigating loss.The Empathy app helps simplify end-of-life bureaucracy, minimize tedious tasks, and automate processes involved in administering an estate—while providing emotional support throughout via dedicated care managers and grief guidance.
"Losing a loved one is an abrupt and life-altering change, and we are proud to introduce Empathy's app to Bestow customers," said Ben Armstrong, Chief Marketing Officer, Bestow. "With Empathy, we can provide needed support in navigating loss in addition to the financial safety net offered by life insurance. Now available in 20 states, we hope to extend this invaluable benefit provided by Empathy nationwide."
Losing a loved one often leaves families in distress, not only from the loss but also from the logistical, emotional, and financial challenges that follow. According to Empathy's Cost of Dying 2022 Report, families spend 420 hours on average tending to their loved one's affairs in the weeks and months following a loss.
Moreover, nearly every family faces a significant financial burden after a loved one dies. The average total expense after a loved one's death is $12,702, and almost 80% of respondents stated they used their own funds to cover expenses rather than relying on the proceeds of a life insurance policy. Together, Bestow and Empathy can help families deal with all the burdens of loss.
"We are proud to partner with Bestow, a company that understands how technology democratizes access to essential care and services," said Ron Gura, CEO of Empathy. "In life's most challenging moments, it's up to companies across industries, including insurance, to go the extra mile to help families; it betters our society. This is why we are proud to work with a mission-driven company like Bestow to give families time back, enabling them to care for one another while leveraging tech to reduce bureaucratic burdens, be they financial, emotional, or logistical."
Source : insurancenewsnet