Western & Southern acquires Fabric
Western & Southern Financial Group has acquired Fabric Technologies and its subsidiary, Fabric Insurance Agency LLC, which provide a digital life insurance platform and mobile app that is “serving over 60,000 families and has placed billions of dollars in life insurance coverage.”
Founded in 2015, Fabric started its journey by selling accidental death and term life insurance issued by Vantis Life. In 2019, the company introduced a new app that offered individuals an option to create a free will. This move was meant to bring users to the door to later sell them life insurance but it wasn’t a big success considering the “billions of dollars in life insurance coverage” the company had placed.
Despite not seeing significant success with the free wills tactic, the company didn’t put much effort into direct customer acquisition. In 2021, the digital life insurance provider received an average of 40k monthly website visits. The number one channel driving traffic was organic search and the most popular search terms revolved around wills and trust funds.
Fabric raised a total of $30.5 million and its latest round of funding ($18 million Series B) took place in October 2020. At the time, the company had around 30 employees and today it counts ~40.
“We are delighted to welcome Fabric to our diversified family of financial services businesses. This highly innovative company and its entrepreneurial spirit are an excellent fit for Western & Southern, which has always been dedicated to offering tailored and straightforward financial solutions for our clients. Together, we continue our common mission of providing financial security to the middle market using a unique, fully-digital experience.” – John F. Barrett, chairman, president and CEO of Western & Southern Financial Group.
“By joining forces with Western & Southern, we are able to accelerate our mission to protect millions of families with modern and affordable financial security products. We are thrilled to combine our fully digital one-stop shop offering with the financial strength and stability that Western & Southern has delivered to its customers for over 100 years.” – Adam Erlebacher, co-founder and CEO of Fabric.
“I’m inspired by the Fabric team’s use of new technologies to solve meaningful problems, and I’m excited for us to continue building as a part of Western & Southern. The support of Western & Southern will fuel our continued investment in creating innovative products that customers love.” – Steven Surgnier, co-founder and chief technology officer of Fabric.