Cover Genius partners wth TAL
Australian life insurer TAL has partnered with Cover Genius to launch embedded life insurance in Australia, with the introduction of backd by TAL.
Backd offers life, income, and illness protection, embedded into employers’ payroll and HR platforms. There’s no underwriting required – sign-up and claims processing are fully digital, offering instant access to coverage and streamlined claims handling.
“At the core of our Cover Genius partnership is ensuring more Australians who want and need insurance can get it. To do this, cover should be tailored to their needs, and be easy to access, understand and keep. Life insurance is much more than death benefits. Last year, 74% of the 54,000 claims we paid supported the recovery of people with an illness or injury that prevented them from working. With backd, more Australians will get support critical to their recovery, addressing an important community need.” – Fiona Macgregor, CEO and Managing Director at TAL Group.
“Many people do not have life insurance either because they feel they cannot afford it, have not been offered it or think the process will be too complex. backd overcomes these issues, by giving employers a simple way to offer their employees easily accessible protection that suits their income and financial needs by simply embedding it into their existing HR or payroll platform. With backd, we’re providing the right cover, via the right channel, at the right price. Solutions such as bite-sized Life and Income Protection can also serve as a way to engage younger Australians who may not yet have seriously considered their needs but have come to appreciate the ease and value of purchasing embedded protection online for other things such as travel and music events. Making protection easy to understand, financially accessible and simple to access online through employers and other trusted partners is a logical next step in levelling the life insurance playing field.” – Angus McDonald, CEO and Co-Founder at Cover Genius.
Over time, the companies plan to offer backd direct to consumers through a range of organizations in sectors such as health and banking.
