Online insurer Fabric launches life coverage for New York parents [Reuters (UK)]
Banco Bilbao Vizcaya Argentaria S.A. (BBVA)
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Source: Reuters
By Suzanne Barlyn Fabric, a web-based insurance agency that promises new parents accidental death coverage in two minutes, opened for business in New York on Tuesday following the state's approval of its key product, the company said. The New York launch pushes the Brooklyn-based Fabric Insurance Agency, LLC, which also sells term-life coverage, into the life insurance industry's second-largest U.S. market. Life insurers, which often sell health insurance and annuities as well, collected $48 billion in premiums in New York during 2015, second only to California, where they collected $64 billion, according to the American Council of Life Insurers, a Washington-based trade group. Fabric, whose policies are issued by Vantis Life Insurance Company, a Pennsylvania-based unit of Penn Mutual Life Insurance Co [PMLIC.UL], is among a wave of tech-driven insurance startups that are trying to upend the often lengthy, traditional process for buying insurance policies.
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