Covr partners with FinArch for advanced insurance design for FIs

By Pavithra R

Covr Financial Technologies (Covr), a digital life insurance company has announced partnering with The Financial Architect Partners (FinArch), a subsidiary of NFP, to bring a holistic, technology-driven solution to financial institutions for life insurance. 

Under the partnership, both FinArch and Covr will bring technology-enabled, holistic advanced insurance design and relationship-based sales support together in one market-leading platform. The new platform offers a single solution for financial institutions (FIs) including wealth planning groups, wirehouses, independent broker-dealers, banks, credit unions, RIA firms, robo advisory firms and family offices who are planning to increase their utilization of life insurance in financial planning.

The platform combines the best of personalized advice and sophisticated design with cutting edge digital technology. It acts as a unique solution for managing insurance from client profile, case design, policy submission, policy delivery, and inforce management for advisors and their firms.

“This new partnership deepens our reach into financial institutions. 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,” said Jeff Ostrum, Managing Director of FinArch.

The platform also includes 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. 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. 

“Covr was fortunate to build scalable technology built around the financial advisor. 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,” said Mike Kalen, CEO of Covr Financial Technologies.

Founded in 2016, Covr’s digital, white-labeled platforms integrate seamlessly with financial brands to provide life, long-term care, disability, and supplemental health solutions from top carriers to their clients in a simple, turnkey way.