“Ethos is part of a group of fintech startups that are changing the insurance market. Peter Colis, CEO and co-founder of the company, says it takes about 15 weeks in average to conclude a life insurance contract. The client undergoes a full medical examination and gets doctor’s opinion during this time. By using Ethos program on a smartphone it will take ten minutes to apply and get approval from major life insurance companies. The medical examinations are not required for most clients. Instead, Ethos uses predictive analytics technology based on old medical data,” the article says.
Revenues from the last infusion into the company will go for staff expansion and new product creation.
According to recent studies, 70% of consumers are sure that they need life insurance, but only 59% buy this service. Peter Colis is confident the new approach will allow avoid medical red tape and increase sales of policies.
Photos are from open sources.