Fabric, the life insurance company, announced Tuesday (May 23) that it has launched its service in New York.
In a press release, the company said that with its service, parents in New York don’t have to deal with pushy agents or insurance meetings, nor are there any complicated legal terms. What’s more, a person can apply and get coverage in two minutes via their smartphone, tablet or desktop.
Since March, the startup has been relying on proprietary technology to make buying life insurance easier and affordable for parents around the U.S. With the launch in New York, the company is now available in 38 states, as well as the District of Columbia.
“We found that 93 percent of our customers purchased coverage within five minutes of their first visit, from start-to-covered,” said Steven Surgnier, Fabric CTO and co-founder, in the press release. He went on to note that with its service, when busy parents want coverage, they can quickly and affordably purchase it via Fabric. Many parents buy Fabric Instant and then immediately move to upgrade their coverage by applying for Fabric Premium, the company said in the news release, while others opt to keep Fabric Instant for the long haul.
Fabric’s policies are issued by Vantis Life, which was founded in 1942 and is rated “A” (“Excellent”) for financial strength and claims-paying ability by A.M. Best. “We believe all families deserve a secure financial future,” said Adam Erlebacher, Fabric co-founder and CEO. “Bringing Fabric to New York is an important step toward fulfilling that vision.”
In a recent interview with PYMNTS, Fabric said it has three requirements in order to work with their insurance carrier: modern, cloud-based full stack technology; a small direct sales force, so there is no risk of cannibalization; and a firm with the same vision of addressing the mass market.
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