Hannover Re Gets it Wrong

In a press release released today, Hannover Re and Life By Spot, an emerging D2C life insurance startup, announced their partnership “to create an entirely new way for adventure-loving consumers to insure their lives during the moments they need it the most.” The Idea – short-duration event-based life insurance policies, ranging from 24-hours to 30-days.

“We tapped Hannover Re to be our key partner for its years of industry expertise and forward-thinking approach to insuretech. Working with Hannover Re has propelled us forward to introduce short-term policies as ‘the new normal’ in insurance.” – Cofounder and COO of Life By Spot, Maria Miller.

“The collaboration with Life By Spot was a natural fit for our Partnership Solutions group . We pride ourselves on selecting partners that have a strong, clear plan for the future of the insurance industry and that support our core tenets of agile underwriting, improved risk selection and an overall better consumer experience.” – Vice President of Partnership Solutions, Hannover Re US, Tony Laudato.

Op-Ed. Technology has advanced. People’s mindset – not as much. ‘Short term life insurance policies’ is a contradiction of terms. And btw, Netflix hasn’t changed the art form. It hasn’t changed the genre. It changed the format of delivery.