If you are looking for a new way to attract and retain deposits, take a closer look at Wysh.
You may remember hearing about this quarter’s Solution Provider from our wrap-up of Finovate Fall. In fact, they won Finovate Fall Best of Show.
Wysh, a subsidiary of Northwestern Mutual, is a life insurance carrier that has come up with a simple product, called Life Benefit, that gives financial institutions a way to add value to deposit accounts (either savings, checking, brokerage or CDs) by linking an automatic, no-fee life insurance benefit to those accounts.
This graph offers an example of how life benefit would work. (provided by Wysh)
Life Benefit will embed micro life insurance coverage equal to 1-10% of account holders’ deposits and sits above their account balance. As your customer grows their deposits, they are growing a life insurance policy at the same time.
There is no customer sign up, opt-in, medical exam, underwriting or user claims process required — if they have an account, they get the benefit. Anyone aged between 18 and 79 would be eligible and the benefit is paid directly to the account upon the account holder's death. Maximum benefit is $10,000
Over 100 million Americans don’t have adequate life insurance protection, and Wysh is committed to partnering with financial institutions who wish to differentiate themselves by helping address a tangible and growing need. You can see why they were the talk of everyone at Finovate.
Learn more: Website
Contact: Brian Wieloch