Despite the large size of the US insurance market, many Americans remain underinsured. Data reveals that fewer than 30% of US consumers hold personal term life insurance, while only about 18% have personal disability insurance. Much of the existing coverage is employer-provided or government-backed, which can be limited in scope and non-transferable when employees change jobs.
Eleos Life’s entry addresses this protection gap by offering digitally integrated insurance products that embed directly into banks, credit unions, and fintech platforms. The goal is to improve access and uptake of insurance for millions of Americans who currently lack adequate personal coverage.
Technology-Driven Embedded Insurance for Seamless Customer Experiences
Eleos Life’s products leverage application programming interfaces (APIs) to integrate insurance offers into existing customer journeys with minimal friction. Partners can embed Eleos Life’s term life and disability insurance options within their digital platforms, enabling customers to apply for and manage policies entirely online.
The company emphasizes rapid integration, with onboarding typically completed within a week. Regulatory compliance is managed centrally by Eleos Life, alleviating burdens on partners and speeding time-to-market.
Sizeable Market Opportunity
The US disability insurance market is estimated at approximately $127 billion and is expected to grow at a compound annual growth rate (CAGR) near 12%. This market potentially covers around 161 million employed individuals. The individual term life insurance market is smaller, estimated at $15 billion, but still significant, covering roughly 65 million primary income-earner households.
Comprehensive Coverage Includes Remote Care and Mental Health Support
Beyond insurance protection, Eleos Life includes value-added services such as remote primary care and mental health counseling in every policy. These additional benefits underscore the company’s consumer-centric approach by addressing broader health and well-being needs alongside financial protection.
Industry and Leadership Perspectives
Eleos Life CEO Kiruba Shankar Eswaran highlighted the underinsurance problem as a key opportunity for embedded insurance to improve accessibility and adoption. He expressed confidence that the company’s digital-first, consumer-friendly model can help close this gap.
The company’s US expansion follows a trend among British insurtech firms targeting international growth. Notable UK-based peers like Zego, ManyPets, and YuLife have also launched in the US market, bringing streamlined, technology-enabled insurance offerings to American consumers.
Brian Barnes, vice president of partnerships at reinsurer SCOR, praised Eleos Life’s innovative approach and successful track record in the UK, expressing strong support for its US ambitions.
Embedded Insurance as a Catalyst for Growth in Underinsured Markets
As embedded insurance continues to flourish globally, Eleos Life exemplifies how technology-driven, partnership-based distribution models can unlock new opportunities in traditionally underserved markets. By integrating insurance seamlessly into everyday digital experiences, the company aims to expand financial protection to millions of Americans who currently face coverage gaps.
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