Covr Financial Technologies and The Financial Architects Partners, LLC Launch Digital Partnership for Advanced Insurance Design for Financial Institutions

HARTFORD, Conn. and BOSTON, Dec. 17, 2020 /PRNewswire/ -- Covr Financial Technologies (Covr) and The Financial Architect Partners, LLC (FinArch) announced today they have formed a partnership to bring a holistic, technology-driven solution to financial institutions for life insurance.  This new platform offers a single solution for financial institutions – including wealth planning groups, wirehouses, independent broker-dealers, banks, credit unions, RIA firms, robo advisory firms and family offices – looking to increase their utilization of life insurance in financial planning. This new platform combines the best of personalized advice and sophisticated design with cutting edge digital technology. 

Covr Financial Technologies and The Financial Architects Partners, LLC Launch Digital Insurance Partnership

"This new partnership deepens our reach into financial institutions," said Jeff Ostrum, Managing Director of FinArch. "For many years, we've been working to partner more efficiently and Covr's platform brings the functionality and scalability we need. As we serve the highest end of the financial advisor market, we look forward to continuing to do what we do best-- helping clients improve their financial situation through highly customized life insurance solutions."

"Covr was fortunate to build scalable technology built around the financial advisor," said Mike Kalen, CEO of Covr Financial Technologies.  "However, FinArch's sophisticated advice for super affluent clients takes the platform to a new level. This partnership fits perfectly and offers our customers another option for providing insurance solutions."

This new platform offers advisors and their firms a single platform for managing insurance from client profile, case design, policy submission, policy delivery and inforce management. The platform has unique capabilities such as real time quoting, document sharing, e-signature, e-delivery, case tracking and digital policy review enablement. It also has the ability to perform suitability to help with Reg BI and Reg 187 compliance. FinArch and Covr created this partnership to bring technology-enabled, holistic advanced insurance design and relationship-based sales support together in one market-leading platform. The platform offers solutions that include estate planning, private placement life insurance, core insurance solutions, as well as more simple solutions like term life insurance, annuities and asset-based LTC. 

About Covr Financial Technologies
Covr partners with financial institutions to provide life insurance solutions to their customers in an efficient, easy way that streamlines the process of selling and buying policies. Covr offers a choice of trusted life insurance products from leading insurance carriers, an easy way to compare rates, and the ability to purchase policies within minutes. Through its white label solutions, Covr helps financial institutions deliver a great experience under an existing brand their customers already trust.  Covr currently serves over 25,000 financial advisors and over 10 million customers across over 30 financial institutions. 

Covr's investors include eight leading venture capital firms: Nyca Partners, Commerce Ventures, Allianz Life Ventures, Connectivity Capital Partners, Contour Venture Partners, Aflac Ventures, Fairview Capital, and Connecticut Innovations. Covr's Advisory Board includes financial services leaders, including Chairman Brian Finn, former president of Credit Suisse First Boston; Joe Plumeri, Vice Chairman of the Board of Directors of First Data Corporation and former CEO of Citibank North America; Sallie Krawcheck, CEO and co-founder of Ellevest as well as senior executive roles at Bank of America, Citigroup and Smith Barney; Hans Morris, managing partner, Nyca Partners, chairman of Lending Club, formerly president of Visa; Brady Dougan, former CEO of Credit Suisse; Gregg Fleming of Rockefeller Capital and Bob Kerzner, formerly CEO of LIMRA. 

About Financial Architects
The Financial Architects Partners is a 25 person national firm based in Boston, exclusively focused on evaluating, building, and actively managing large life insurance portfolios for the super affluent. We advise on $20B of life insurance for the 425 families we serve and we selectively commence new engagements each year through client and advisor referrals. We built our business by being a specialized resource to top tax, investment, and legal advisors, and family offices that need an expert life insurance planning advisor for their clients. Each year we manage some of the nation's largest trust owned life insurance implementations, which are often referred by other brokers who rely on our ideas, execution, and back office capabilities to build a truly diversified and optimized portfolio. 

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SOURCE Covr Financial Technologies, Inc.