SoFi Loses Protective, Partners With Ladder

Fintech unicorn  SoFi  has swapped term life insurance providers from Protective Life to CA-based life insurance MGA  Ladder Insurance .


And now:

Refresher: in November 2016, SoFi and Protective teamed up to sell term life insurance to millennials. “This is a first in the industry: coverage in minutes without a medical exam in many cases, and at incredibly competitive prices. Protective has more than 100 years of experience providing valuable protection to nearly 8 million customers, and we’re happy to work together with them to deliver what we think is the easiest experience for buying term life insurance.” – VP of Finance at SoFi – Andrea Blankmeyer. (Btw, it wasn’t a first.)

Fast forward to today and today’s consumers….”There’s a clear synergy between Ladder and SoFi’s offerings . This partnership further demonstrates how companies built on modern technology platforms can collaborate to streamline solutions for today’s consumers.” – Ladder cofounder, Jeff Merkel.

Bottom Line: the case when an MGA came between a platform player and an insurer.