New Algorithmic Approach Packages Supplemental Insurance Products Into a Structured Portfolio That Changes and Grows With the Customer
Today, Overalls, the first personalized, all-in-one protection platform, is shaking up how employee benefits are packaged by taking a new approach to insurance that combines life, personal-line and entirely new protection products into algorithmically optimized and personalized portfolios to celebrate life’s ups and protect life’s downs.
“Today, insurance is confusing and disjointed,” said Jon Cooper, CEO of Overalls. “Instead of spending hours researching the nuances of the industry or putting their trust in a commissioned sales person, consumers – through their employers – can use Overalls to source protection tailored to their lifestyle and financial goals in one place.”
Insurance is easier to buy than ever, yet voluntary benefits are largely overshadowed by medical and retirement offerings. Data shows enrollment rates in supplemental benefits are extremely low, typically ranging from 5-20%.1 Overalls is addressing this imbalance by creating a personalized and dynamic insurance model, and partnering with employers across the country to deliver well-rounded benefits for the modern workforce.
“We’ve chosen to work with employers because when it comes to innovation, supplemental benefits are often an afterthought,” said Emily Johnson, Chief Product Officer of Overalls. “Through increased education, engagement, and personalization, Overalls can help employees improve their overall financial security, while also allowing employers to provide benefits tailored to their employee’s needs.”
The Overalls algorithm integrates consumers’ key financial milestones and targets with information about their personality and lifestyle, to create a personal portfolio of the best supplemental protection plans and complementary products. A unique offering from Overalls is the “Celebrate” program, the industry’s first “happy insurance” extension designed to celebrate life’s milestones, such as buying a house, getting engaged, having a baby, and more.
Overalls is a no-cost solution to employers, helping employees get more from their voluntary benefits and designed to protect and celebrate the people and things they care about most. At launch, Overalls will be available directly through employers as an additional offering to their current benefits package.