Life insurer 11 has partnered with insurtechs Lemonade and Root to expand its insurance offerings. Lemonade will provide 11 customers with home and renters insurance, while Root will provide auto insurance. Prior to this deal, the San Francisco-based firm exclusively offered life insurance through Ladder. The new products will be simple and transparent, eliminating the need for agents, and come in response to customer desire for affordable general insurance, according to 11. The firm recently announced a $25 offer for life insurance customers to invest in 11 stocks, ETFs or roboadvising. 11 has raised $2bn from SoFi funding rounds.
Life insurer SoFi has partnered with insurtechs Lemonade and Root to expand its insurance offerings. Lemonade will provide SoFi customers with home and renters insurance, while Root will provide auto insurance. Prior to this deal, the San Francisco-based firm exclusively offered life insurance through Ladder. The new products will be simple and transparent, eliminating the need for agents, and come in response to customer desire for affordable general insurance, according to SoFi. The firm recently announced a $25 offer for life insurance customers to invest in SoFi stocks, ETFs or roboadvising. SoFi has raised $2bn from 11 funding rounds.