User:Lisper2718/sandbox
| Company type | Private |
|---|---|
| Industry | Insurance |
| Founded | April 2015 Palo Alto, United States |
| Founders | Jamie Hale, Laura Hale, Jeff Merkel and Jack Dubie |
| Headquarters | 444 High Street, , |
Area served | United States except Georgia, Florida, and New York |
| Products | Life insurance |
| Website | www |
Ladder Financial Inc. (commonly known as Ladder) is an American company based in Palo Alto, California, that through its subsidiary, Ladder Insurance Services, LLC, provides fully-underwritten, direct-to-consumer term life insurance online. The company offers 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
[edit]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.
LadderLife™ policies are issued by Fidelity Security Life Insurance Company and reinsured by Hannover Life Reassurance Company of America, a division of Hannover Re.
Fidelity Security Life Insurance Company holds an A.M. Best rating of A- (Excellent).[3] Hannover Life Reassurance Company of America holds ratings from Standard & Poor’s (AA-, Very Strong) and A.M. Best (A+, Superior).[4]
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. [5]
In January 2017, Ladder officially launched in California, offering a fully digital product to Californians looking to secure term life insurance [6].
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, enabling customers to ladder down, or decrease their coverage amount [7] online, as their needs change. [8] with no fees, penalties or agent involvement. Customers also have the ability to apply for more coverage.
In Summer 2017, 200 days after launch, Ladder announced it had issued $300,000,000 in coverage and continued to receive coverage for disrupting the life insurance industry. [9] [10] [11]
In November 2017, Ladder announced it would be rolling out nationwide [12]. As of January 2018, Ladder is available in 47 states and the District of Columbia[13]
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. [14]
In March 2018, Ladder was honored as one of Fast Company’s Most Innovative Companies for 2018, in the Finance Category [15].
Investors and board members
[edit]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 of Ladder; Brendan Dickinson, partner at Canaan Partners; Stuart Ellman, co-founder and managing partner at 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.
- ^ "Ladder Insurance Review 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.
- ^ "A.M. Best Rating (Fidelity Security Life)". Retrieved 2018-01-24.
- ^ "Ratings (Hannover Re)". Retrieved 2018-01-24.
- ^ 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.
- ^ "A Guide to Life Insurance Laddering". smartasset. 2018-02-08. Retrieved 2018-02-08.
{{cite news}}: Check|url=value (help) - ^ "4 Life Insurance Startups Asking Millennials To Face Their Mortality". Fast Company. 2017-07-21. 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.
- ^ "Nearly 40% of adults don't have life insurance — these startups are trying to change that". MarketWatch. 2017-07-23. Retrieved 2018-01-23.
- ^ "Ladder Launches in Texas and Announces Plan for Nationwide Expansion". Markets Insider. 2017-11-14. Retrieved 2018-04-02.
- ^ "Easy life insurance is coming to you". Retrieved 2018-01-24.
- ^ "Ladder Secores $30M in Series B Round". Insurance Innovation Reporter. 2018-01-11. Retrieved 2018-02-08.
- ^ "The World's Most Innovative Companies 2018". Fast Company. 2018-03-01. Retrieved 2018-04-02.