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Lisper2718 (talk | contribs) ←Created page with '{{about|an insurance company||Ladder (disambiguation)}} {{Infobox company | name = Ladder Life Insurance Services, Inc | logo = https://ddw3p1oh0ex89.cloudfront....' Tag: Possible self promotion in userspace |
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Revision as of 23:56, 23 January 2018
| Company type | Private |
|---|---|
| Industry | Insurance |
| Founded | April 2015 Palo Alto, United States |
| Founders | Jamie Hale (CEO), Laura Hale (Head of Product), Jeff Merkel (CMO) and Jack Dubie (CTO) |
| Headquarters | 444 High Street, , |
Area served | United States except Idaho, Kansas, Illinois, Georgia, Florida, and New York |
| Products | Life insurance |
| Website | www |
Ladder Life Insurance Services, Inc. (commonly known as Ladder) is an American life insurance company based in Palo Alto, California, that provides fully-underwritten, direct-to-consumer term life insurance online. The company offers modern consumers a streamlined process for applying for and buying term life insurance, without fees or commissioned agents. Ladder provides instant decisions and instant coverage for those who qualify. Coverage is available from $100,000 to $8,000,000. Terms available are 10, 15, 20, 25 and 30 years. [1]
History and background
Ladder was founded in 2015 by Jamie Hale, Laura Hale, Jeff Merkel and Jack Dubie. The four co-founders, with backgrounds in finance, product management, business development and engineering, wanted to improve upon the centuries-old process for getting life insurance. With a $16 trillion dollar life insurance gap in the United States [2] , their vision was to give modern consumers a quicker, better way to buy term life insurance.
In October 2016, Ladder raised $14,000,000 in Series A funding from four venture capital investors: Canaan Partners, Lightspeed Venture Partners, NYCA Partners and 8 Partners. [3] In January 2017 Ladder officially launched in California, offering a fully digital product to Californians looking to secure term life insurance [4] , offering coverage from $100,000 to $8,000,000 and 10 to 30 year terms. Interest by venture capital firms in fintech, and specifically insurtech, positioned Ladder to be a leader in this new space. [5] Customer feedback was favorable with consumers impressed by the speed and ease with which they could get a quote and an offer.
In April, 2017, Ladder announced that In its first 100 days it had helped facilitate $100,000,000 in coverage and launched dynamic life insurance [6] , offering coverage from $100,000 to $8,000,000 and 10 to 30 year terms. [7] , enabling customers to ladder down, or decrease their coverage amount, as their life needs evolve [8] with no fees, penalties or agent involvement. Customers also had the ability to apply for more coverage with no fees.
In August 2017, 200 days after launch, Ladder announced it had issued $300,000,000 in coverage [9] and continued to receive recognition for disrupting the life insurance industry. [10] [11]
In November 2017, Ladder announced it would be rolling out nationwide. Over the next 6 weeks, Ladder launched in 44 states and the District of Columbia, with the remainder expected to go live in the first half of 2018.
In January 2018, on the one year anniversary of its launch, Ladder announced its second round of funding, securing $30,000,000 in Series B funding led by RRE Ventures, with Thomvest Ventures and participation from existing investors Canaan Partners, Lightspeed Venture Partners, and NYCA Partners. [12] It also announced its Ladder API platform, enabling partners with complementary services to offer customers the ability to calculate coverage, request a quote, apply and manage their policy. [13]
Investors and board members
Ladder’s venture capital investors include Canaan Partners, Lightspeed Venture Partners, NYCA Partners, RRE Ventures, and Thomvest Ventures.
Ladder’s board members include Jamie Hale, CEO at Ladder, Brendan Dickinson, partner Canaan Partners, Stuart Ellman, co-founder and managing partner, RRE Ventures, Will Kohler, partner at Lightspeed Venture Partners, and Steve Mannik, former President and CEO of GenRe Life Corp, a subsidiary of Berkshire Hathaway.
Technology
With Ladder, consumers can get a quote, apply for and receive an instant decision on coverage in less than ten minutes. [14] Ladder’s technology offers a dynamic application process for its users, asking only the questions that are relevant to their specific situation. It also provides real-time underwriting so users can get an instant decision. Ladder’s dynamic life insurance offering gives customers the capability to Ladder so they can adjust their life insurance coverage as their life needs change. [15]
- ^ "Ladder Insurance Revice 2017 - NerdWallet". NerdWallet. 2017-05-02. Retrieved 2018-01-19.
- ^ "LIMRA: Life Insurance Coverage Gap Substantial and Growing". LIMRA. 2015-09-08. Retrieved 2018-01-19.
- ^ Rudegeair, Peter (2016-10-19). "Venture Capital Prowls into the Life-Insurance Business". Wall Street Journal. Retrieved 2018-01-19.
- ^ "New insurtech Ladder is digitizing life insurance". BI Intelligence. 2017-01-11. Retrieved 2018-01-19.
- ^ "Innovation under the hood will rev the engines of a fintech revolution". 2017-01-15access-date=2018-01-19.
{{cite news}}: Check date values in:|date=(help) - ^ "Ladder Makes Life Insurance Dynamic". PRNewswire. 2017-04-20. Retrieved 2018-01-19.
- ^ "Innovation under the hood will rev the engines of a fintech revolution". 2017-01-15access-date=2018-01-19.
{{cite news}}: Check date values in:|date=(help) - ^ "4 Life Insurance Startups Asking Millennials To Face Their Mortality". Fast Company. 2017-07-21. Retrieved 2018-01-19.
- ^ "Making Life Better - 200 Days and $300M". 2017-08-08. Retrieved 2018-01-19.
- ^ "Startups want to change what you insure and how you insure it". TechCrunch. 2017-07-29. Retrieved 2018-01-19.
- ^ "TOP-10 Startups and ideas to change the world". The Fintech Times. Retrieved 2018-01-19.
- ^ "Ladder Secures $30M in Series B Funding to Fuel National Expansion". PRNewswire. Retrieved 2018-01-23.
- ^ "ANNOUNCING THE LADDER API". Retrieved 2018-01-23.
- ^ "Nearly 40% of adults don't have life insurance — these startups are trying to change that". MarketWatch. 2017-07-23. Retrieved 2018-01-23.
- ^ "Why Laddering Your Life Insurance Policy Over Time Makes Good Financial Sense". PTMoney. 2017-12-07. Retrieved 2018-01-23.