Transamerica this week announced a new strategic partnership with Bestow, a leading technology company in the life insurance industry.
Through the deal, Transamerica and Bestow will offer customers an intuitive digital platform with enhanced self-service options for Transamerica’s life insurance products. Transamerica and Bestow said in a statement they have aligned behind the mission to empower people to create a better tomorrow through saving, investing, and protecting their loved ones.
“We are excited that Bestow will be building out a platform that redefines the Transamerica experience with our agents and clients,” said Andrew DeMarco, Head of Life Solutions at Transamerica. “Powered by Bestow technology, Transamerica will be able to enhance not only the way we engage with new clients—digitally and in minutes—but also how we provide service throughout the policy lifecycle.”
The Bestow platform simplifies the insurance application process for customers and agents and, in most cases, speeds up the process from application to decision in less than 10 minutes. For life insurance carriers, Bestow offers a singular end-to-end technology platform to de-risk innovation, expedite modernization, and help increase profitability.
The partnership will allow Transamerica to provide new products, including new final expense offerings, with enhanced customer experience while keeping a focus on quality and sound financial products that help bring people peace of mind.
“Partnering with Transamerica to reimagine the application, underwriting, and policy issuance of new products on our platform has been rewarding for both teams,” said Melbourne O’Banion, CEO & Co-Founder, Bestow. “This is only the beginning of a fantastic partnership that will provide their agents and customers with increased access to financial products through a best-in-class, convenient, digital buying experience.”
With an eye toward reaching the underserved middle market, Transamerica’s partnership with Bestow will offer customers and insurance agents a streamlined application experience. The new customer digital footprint will also enhance Transamerica’s ability to support customers after they have purchased a policy.
The collaboration with Bestow is part of Baltimore, Md.-based Transamerica’s strategy to accelerate growth and build America’s leading middle market life insurance and retirement company.