TAL and Cover Genius Partner to Offer Embedded Life Insurance for Part-Time Workers, Contractors, and Casual Employees

In a move to expand its reach and provide more accessible life insurance options for Australians, TAL, an Australian life insurer, has joined forces with insurtech company Cover Genius to introduce a new embedded life insurance product called 'backd'. The product targets a market segment comprising part-time workers, contractors, and casual employees, and leverages Cover Genius' expertise in digital distribution and TAL's life insurance knowledge to provide insurance through platforms already used by Australians.

Employers will now be able to offer life, income, and illness protection to their employees via payroll platforms, according to the companies. The service simplifies the process with online registration, eliminating the need for underwriting and enabling fully digital claims processing.

TAL Group CEO and managing director Fiona Macgregor emphasized the importance of this partnership, stating: "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."

Cover Genius CEO and co-founder Angus McDonald added: "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."

In April, TAL agreed to acquire a 15.1% stake in Challenger, a fund manager and retirement solutions provider. The transaction involves the purchase of 104,353,125 issued shares for a total of Y80bn ($547.3m). The new product is part of TAL's ongoing efforts to expand its reach and provide more accessible life insurance options for Australians. The company plans to extend the distribution of the new product to consumers directly through partnerships with organizations in the health and banking sectors in the future.

In conclusion, the partnership between TAL and Cover Genius is a step towards making life insurance more accessible and affordable for a wider range of Australians. The 'backd' product is a testament to the power of collaboration between traditional insurers and insurtech companies in driving innovation and improving the insurance industry for the better.