Electronic Chat with Jake Tamarkin, Co-founder and CEO, Everyday Life
Laura Mazzuca Toops | September 28, 2020
Jake Tamarkin is co-founder and CEO of Everyday Life, a Boston-based online life insurance “concierge” delivering financial solutions to mass market consumers. Everyday Life was one of the graduating startups in the 2019 Global Insurance Accelerator (GIA) cohort.
Please share a little information about your professional background and how you came to found Everyday Life.
I was changing jobs a few years ago and had to replace my group life coverage with an individual policy. You would think that 20 years in senior strategy and innovation roles at places like EY, MetLife, BNY Mellon and Foresters Financial would have tempered my expectations, but still I was shocked and disappointed by how hard it was for me to get what I felt was the right life insurance for my situation. Looking into it further, I discovered studies with shocking findings, such as that 96% of policyholders have the wrong coverage for their situation. In this era of amazing innovations reshaping our society, how can it be that life insurance is failing us this badly?
People’s coverage needs change over time, often quite predictably, and smart financial planners know that consumers can save a lot of money if their life insurance is designed around this simple truth. However, traditional insurance policies and the agents who sell them -- even the cool new online ones -- are not designed to support that kind of approach. Despite my deep insurance background, it wasn’t until I experienced it as a consumer that my eyes were opened to this problem, and I haven’t looked back since.
It was around this time that I met my co-founder, Dipali Trivedi, who had gone back to MIT after a successful run leading engineering teams with her own software consultancy and at places like Constant Contact and AthenaHealth, but also wanting to do something more ambitious. She had her own painful experience trying to sort out life insurance for her family, so she could relate to our work from a consumer perspective.
We started Everyday Life in 2018 with the basic belief that we can use technology to make excellent financial planning and insurance easily accessible and affordable for everyday people. It’s not easy starting a new venture from scratch, especially one that challenges some of the basic assumptions many in the industry rely upon, but I can’t tell you how gratifying it is to hear from our customers about the difference we are making in their lives.
What makes Everyday Life unique in its products and services?
We use technology to help mass market consumers make smarter decisions about protecting their families with the next generation of advice and solutions uniquely tailored around their needs. Our patent-pending Needs Assessment technology makes it incredibly easy for everyday people to get objective expert advice about their unique situation powered by sophisticated financial analysis way beyond the simplistic calculators and tools out there, and to purchase coverage that is individually tailored to fit their needs, budget and schedule. In short, where our competitors offer a policy, we offer a plan.
It’s the difference between a rectangle and a triangle. That is, a traditional life insurance policy looks like a rectangle when you chart it out, because the coverage stays the same for the life of the policy. However, when it comes to basic family protection, most people’s needs look more like a triangle -- sloping downward over time as kids grow up, net worth builds and retirement approaches -- and you can save a ton of money with a triangle coverage plan instead of the rectangle.
Bottom line, we sell triangles. We are the only ones doing it, and we market it to consumers as Predictive ProtectionTM on our direct-to-consumer distribution platform at https://everydaylifeinsurance.com/.
In addition, we are starting to get approached by life, health, and annuity providers looking for help engaging their audiences in a more modern, customer-centric way and see the value of our next generation needs-based selling approach in helping them do that. We didn’t set out to be B2B service providers, but are excited by the opportunity to expand our influence.
What specific technology do you use to run Everyday Life?
How has the pandemic changed the landscape of life insurance, and how does Everyday Life meet these changing needs?
The pandemic has reawakened consumer interest in life insurance, particularly among younger people, but also highlighted the problems with our industry’s antiquated selling and underwriting approaches. Providers who can come closest to providing an Amazon-like buying and fulfillment experience are seeing massive inflows of new business, while the more traditional players are hurting. This is accelerating industry trends already in motion to remove friction from the buying process, such as fluidless underwriting as one example.
We were well positioned because our platform was always designed to deliver a modern consumer experience: mobile-first, easy to use, and building trust by keeping the consumer in control. So, the main effect for us was the huge increase in traffic we are seeing, which has accelerated our learning process and the development of our consumer product roadmap. It seems to have also increased the number and pace of conversations we are having with carriers looking for help moving their business online.
Who is the typical Everyday Life customer?
On the consumer side, our customers are under 50, mass market, disproportionately female, visiting us on her phone, often late at night. Imagine a 38-year-old single mom making a $50,000 salary who isn’t able to even begin her to-do list until the kids are in bed and everything’s ready for tomorrow.
The carriers we work with tend to be life, health, and annuity-focused, and have recognized that the way they used to do business isn’t going to fly anymore. They want to get online but also appreciate it isn’t as simple as just spinning up a site and a cheeky Twitter handle.
Legal & General Insurance is your current underwriter. Any plans to add more insurers or lines of coverage?
Yes, we’re just getting started! We see a huge opportunity to be the premier financial fitness platform for mass market consumers. That is what we designed our technology around and we are well positioned to grow into that role as we mature.
The first thing people will see is more life insurance products. The Legal & General product is awesome, but we recognize it’s not for everyone, so you will start seeing us offer more life insurance products to better serve a broader set of consumer use cases. We have no interest in being an aggregator, but we do want to be delivering world class service to everyone who knocks on our door.
At the same time, we are expanding into meeting adjacent consumer needs, like savings, retirement, debt management, and income protection. Our work is made easier because we took a holistic approach to financial planning when we first built our Needs Assessment technology.
Plug and Play and the GIA are your primary investors. Are you targeting others, and what are your main goals for the capital raised?
Just to clarify, our current investor pool also includes several syndicates of seasoned insurance and financial services executives. These investors are invaluable, not only because their knowledgeable vote of confidence is incredibly inspiring, they are also tremendous resources for advice and introductions. Of course, Plug and Play and GIA also provide strategic value and we were gratified that GIA chose to follow up their initial investment with participation in our pre-seed round.
We just began raising our next round in order to fund our product roadmap. We are expanding our investor base and are particularly interested in strategic investors who share our vision and have assets that can accelerate our progress.
What future trends do you predict for the life insurance market?
Life insurance is at the very beginning of a massive transformation informed by a greater sense of customer-centricity than we’ve seen before, and you can see initial signs in areas like fluidless underwriting and wearables. This is just the tip of the iceberg. I look at the radical change that has taken place in the mutual fund industry as a harbinger for what we can expect: a fundamental re-think of how we create value, ultimately for the massive benefit of consumers.
One big difference is that insurance requires collaboration: no one company can do this on their own. Distributors need carriers’ products. Carriers need reinsurers’ capital. Reinsurers need distributors’ deal flow. Everyone needs more capabilities and ideas from sources outside the insurance sector. There will be winners and losers, and the sooner insurers embrace these two themes -- customer-centricity and deep collaboration -- the more likely they will win the future.
- Electronic Chat with Sanjeev Kumar Chaudhry, Founder and CEO, Gigaforce
- Electronic Chat with Sylvester Mathis, Chief Insurance Officer, Insurity
- Inside the ITA: Meet the Board
- Digital Drip: New Lease on Life
- Transformation Corner: Core System Transformation
- Big Fix: Closing the Data Divide
- Tech, Processes, and a Plan
- Core Systems: Out with the Old?
- 5 Things to Consider When Modernizing a Surety System
- Four Benefits of Integrating Mobile Crash Detection and Accident Management
- Everybody Loves Gelato
- Electronic Chat with Jennifer Smith, VP of L&A Product Strategy, Sapiens North America
- Now Accepting Nominations for "Pick of the Litter" Issue
- “New Normal” Requires an Insurance Analytics Evolution
- Accuracy: Are Data Providers Pulling the Wool Over Your Eyes?
- Agents Send More Business to Insurers with Better Tech, Celent Finds
- Electronic Chat with B2Z Insurance
- Still Standing, Still Learning, and Still at Home
- ITA Pro Magazine, May/June 2021
- Electronic Chat with Chris Ewing, Founder and CEO, One Inc
- Electronic Chat with Sharmila Ray, Head of Carrier Strategy, Solutions and Go-To-Market, Vertafore
- Electronic Chat with Alex Devoto, Founder, LVLFi
- Prince Charles, Lloyd's Launch Sustainability Insurance Task Force
- UFCIC Becomes First U.S. Insurer to Accept Cryptocurrency for Premium Payments
- Electronic Chat with Ty Harris, Co-Founder, Openly Insurance
- The Insurance Industry’s Reliance on Friction: A Good Strategy?
- Loss Control, Premium Audit Systems Critical to Customer Experience, Celent Finds
- What's AI-Right and AI-Wrong?
- The Drive for Digital
- Electronic Chat with Candice Smith, Founder and CEO, Caregiven
- Electronic Chat with Nestor Hugo Solari, Founder/CEO, Sigo
- The Giant Hole in Actuarial Models
- Electronic Chat with Trent Cooksley, COO and Co-Founder, Cowbell Cyber
- The ITA Pro March/April 2021 issue is here!
- Purchasing and Innovation: Friends or Enemies?
- COVID Drives More Reliance on Risk Management Systems, New Study Finds
- Electronic Chat with Robert Clark, CEO, Cloverleaf Analytics
- Solving Customer Communications Challenges with Hybrid Mail
- Six Trends Shaping Digital Insurance Tech Strategies in 2021
- Billing a Key Component of Customer Service, Celent Finds
- Why Data Science Fails
- Electronic Chat with Andrew Jernigan, CEO, and Allen Koski, President and Chief Innovation Officer, Insured Nomads
- Electronic Chat with Allison Martin, CEO and Founder, UDoTest
- Are Carriers Ready for the Coming Crash?
- Electronic Chat with Christopher Moore, Director for North American Sales Engineering and Solutions, Trifacta
- Next Insurance Partners with Amazon Business Prime to Provide Small Businesses with Affordable Digital Insurance Options
- An AI Walks Into an Electronics Store...
- InsurTech NY Announces Global Early-Stage Competition Winners
- World’s Worst County/Western Insurtech Song
- Electronic Chat with Anne-Laure Klein, COO, Akur8
- COVID-19 One Year Later: The Digital Transformation of Insurance
- Electronic Chat with Michael Kassing, CEO/CVO, insured.io
- BrokerTech Ventures Announces 2021 Cohort Class for Accelerator
- An Entirely Preventable Disaster
- Flipping the Fraud Triangle
- The January/February ITA Pro Magazine is here!
- Credit Risk, ESG, Cybersecurity Top Risk Concerns for Financial Institutions, Deloitte Finds
- Electronic Chat with Ellen Moser, Senior Client Executive, Origami Risk LLC
- The Answer to “So What?”
- Leaders Rise from a Year Like No Other!
- Electronic Chat with Jonathan Roomer, Co-Founder, YuLife
- Getting Creative to Hit COVID Curveballs Out of the Park
- Electronic Chat with Eugenio Gonzalez, Plug and Play
- New Report Projects Global Insurtech to Grow by $21 Billion During 2020-2024
- The 2020 Virtual Event Wasteland
- Insurtechs, Investors Optimistic About Post-COVID Future, New DIA/McKinsey Study Finds
- Finding Grandmas
- No Code / Low Code: The New “Shortest Route” In Insurance Delivery
- Are You Addicted to Copy-and-Paste?
- Electronic Chat with Nino Tarantino, CEO- Americas, Insurance and Mobility Solutions (IMS)
- Driving Life Insurance:Tech Alone Won’t Solve Business Problems
- Electronic Chat with Robin Roberson, Managing Director, North America, Claim Central Consolidated
- How Do You Make It Happen?
- Electronic Chat with Jason Liu, CEO, Zywave
- New Partnership Models Take Program Business to the Next Level
- New Study Finds Less than Half of Consumers Trust Insurers to Respond to Their Needs
- Electronic Chat with Andrew Mauritzen, CFO and Head of Insurance Industry, Exactuals
- You Want Us To Do WHAT For Free?
- Electronic Chat with Evgeny Aleksandrov, Co-founder and CEO, Pilotbird
- Electronic Chat with Chris Cheatham, CEO, RiskGenius
- New MIT Sloan Study Finds Few Companies Gain Big Benefits from AI
- The September/October ITA Pro magazine is here!
- “Being Right” is Just the Start of the Battle
- Electronic Chat with Amit Ranjan, Executive VP and CAO, Xceedance
- Planning for Your Business and Tech Future: Strategies, Plans and Budgets for Rapid Transformation
- Electronic Chat with Jimmy Padia, Founder and CEO, Floatbot
- Gelato with Dots and Sprinkles
- COVID-19 and the Insurtech “Junk Drawer”
- Even “Change” is Different Now. Your Strategic Planning Needs to Be Too.
- The Road Ahead for P&C Insurers: How to Understand Customers Better and Navigate the Post-COVID Insurance Market
- Electronic Chat with Jake Tamarkin, Co-founder and CEO, Everyday Life
- Strategic Planning in the “New Normal” Digital Era of Insurance – Your Next Move
- Insurer Tech Investment Priorities See Major Shift in a Post-COVID World
- Plug and Play Selects 25 Insurtech Startups for Winter Batches
- Digital Transformation – A Top Strategic Priority and New Reality
- Four Steps to Successful Migration of Insurance CCM Applications
- COVID-19 Accelerates Insurance Digitalization to Meet Customer Demand: World InsurTech Report 2020
- Electronic Chat with Greg Williams, Co-Founder, President & CEO, Acrisure
- Electronic Chat with Matt Perlman, Partner, IA Capital Group
- Insurer Digitalization: Are you a Competitor or a Laggard?
- Leaders are Leading and Creating the Future of Insurance Distribution
- 3 Things You Need to Know About No-Code
- Electronic Chat with Adam Kiefer, CEO, Talage
- Underwriting in 3D: Using Data to Adapt and Improve Life Insurance Sales
- Getting Past the "Gelato Syndrome"
- Insurers Know CX/UX is Important, but Don't Agree on Execution, Study Finds
- Electronic Chat with Steve Lekas, Branch Insurance
- How AI Can Attract Millennial Talent to the Insurance Industry
- Preventing Data Breaches
- A New Boom for Life Insurance: Shifting Away from the 250-Year-Old Policy Transaction
- Electronic Chat with Ty Harris, Founder and CEO, Openly
- A Digital Wildfire Creates a Burning Platform for Digital Insurance Business Transformation
- Digitalization, COVID-19 Spurring More IT Investment in Cybersecurity
- Electronic Chat with Michael DeGusta, CEO, ClarionDoor
- U.S. Consumers Significantly Underestimate Flood Risk, New Survey Finds
- The Future of Insurance: Opportunities in Ecosystems
- Electronic Chat with Todd Greenbaum, CEO, Input 1
- Majesco to be Acquired by Thoma Bravo
- The Evolving Role of Managing General Agencies
- Electronic Chat with Char Hu
- Electronic Chat with Allan L. Egbert, Jr.
- Electronic Chat with Christopher Tramontano and Zbigniew Gawienczuk
- Data Science is Gelato
- Insurance Innovation: Alive and Kicking
- Independent Agents Divided on Digital Experience, New Survey Finds
- Electronic Chat with Michael Jones
- Electronic Chat with Paul VanderMarck
- As Auto Insurance Premiums Shrink, Insurers Need Mobility Ecosystem, New Study Finds
- Property & Casualty Insurers Raise Digital Games as COVID-19 Elevates Customer Expectations, J.D. Power Finds
- Electronic Chat with Bobbie Shrivastav
- Meet the Board: Marissa Buckley
- Big Data and Insurtech: A Carrier Perspective
- Traditional Insurers Need Open Ecosystems, Partnerships to Remain Competitive, CapGemini Report Finds
- Electronic Chat with John C. Siegman
- 4 Ways AI is Empowering Insurers During COVID-19
- 6 Big Changes to Insurance from the COVID-19 Crisis
- Electronic Chat with Christopher Ewing
- Independent Agency Staff Morale High During COVID-19, New Survey Finds
- Electronic Chat with Brad Epker
- Tapping AI to Improve Policyholder Experience
- Electronic Chat with Manisha Bhargava
- ITA Pro Magazine, March/April 2020
- COVID-19 a Game Changer for Workers’ Comp
- Electronic Chat with Steve Comer
- COVID-19 Pandemic Forces Cancellation of ITA LIVE 2020
- Leveraging Digital Resources in the Time of COVID-19
- Electronic Chat with Robert Hartwig on COVID-19 and Insurance
- Celent Study: Most Small Businesses Still Unclear on Importance of Cyber Insurance
- The January/February 2020 ITA Pro is here!
- Deloitte: New C-Suite Roles Mean More Opportunities for Women
- Electronic Chat with Pankaj Parashar
- Electronic Chat with Tara Kelly
- Electronic Chat with Chuck Wilson
- ITA, InsNerds Collaborate to Enhance ITA LIVE 2020 Content and Coverage
- How SMBs Can Compete in Digital Ecosystems in the 2020s
- 4 Ways Insurance Can Prepare for New Data Privacy Laws
- Brewer Lane Ventures Launches and Hires Insurtech Vet Martha Notaras as Managing Partner
- 2020 GIA Cohort Launches on January 14
- The November/December 2019 ITA Pro is here!
- Electronic Chat with Joshua Snead
- Electronic Chat with Wendy Aarons-Corman
- Simplifying the Move to a Third-party Print Provider
- Take a Business-Driven Approach to Continuous Improvement for Core Systems and Processes
- Electronic Chat with Ron Glozman
- Guidewire’s Data Guru Mike Byam on How Insurers are Using Internal and Third-Party Data
- Electronic Chat with Russ Bostick
- Electronic Chat with Rock Schindler
- Electronic Chat with John Siegman
- Electronic Chat with Martin Burlingame
- Insurtech Landscape 2019: Top 5 Takeaways
- Grinnell Mutual Tackles Massive Transformation -- in Stride
- A Candid Conversation with Paul Mang
- SageSure Insurance Managers Improved Competitiveness by Consolidating Payments to a Single Digital Platform
- Digital Does Matter in Insurance-- And Insurers are Missing the Mark
- The 22nd-Century Insurer: Taking a Cloud-First IT Approach
- The September/October 2019 issue of ITA PRO magazine is now available in digital format here:
- ITA Pro Magazine May/June 2019
- Spotlight on the 2019 IASA Conference
- ValueMomentum Selects Erie as Site of Regional Development Center
- Capgemini and Majesco Become Alliance Partners
- Electronic Chat with Dr. Dan Shoham
- Electronic Chat with Todd Greenbaum
- Martha Notaras: The “Outsider” with an Amazing Inside View
- Electronic Chat with Larissa Tosch
- Martha Notaras Will Join ITA LIVE 2019 as a Keynote Speaker
- Five Things to Consider When Evaluating Your Cyber Risk
- ITA Pro Magazine, January/February 2019
- Synergy Between Insurers' IT and Analytics Teams Key to Operationalizing Insights, Says Novarica
- Major Ransomware Attack Could Hit U.S. with $89B In Economic Damages
- ITA Announces 1st of Three Keynote Speakers at ITA LIVE 2019
- Electronic Chat with Jeroen Morrenhof
- Legacy Systems Are Dead. Really? Don't Count On It.
- Now Accepting Nominations for the 2019 ITA Bridge Awards
- It's time to register for ITA LIVE!
- Registration is Now Open for ITA LIVE 2019!
- What to Expect from a Digital Experience Platform Implementation
- ITA Pro Magazine September Edition is Now Available
- It's National IT Professionals Day
- Save the Date for ITA-LIVE 2019
- OneShield Software and UrbanStat Work Together to Improve Real-Time Analytics and Risk Decision-Making
- ITA LIVE 2019 - SAVE THE DATE!
- Insurance Technology Association Announces New Editor-in-Chief
- August 2018 Edition ITA Pro Magazine is Now Available
- Enterprise Architecture in an Agile World
- Top 10 Tips for Securing Your Mobile Devices and Sensitive Client Data
- Industry Insight: 4 Global Insurance Trends in Digital, Data, Content Services and Security
- Diving Deeper into Prioritizing Your Strategic Digital investments
- Why Content Rules
- How Mass Personalization Will Open the Small Business Benefits Market
- At Year End 2017, Will Your Organization Be Protected from Cyber Risks?
- Do Insurance Bots Dream of Mitigating Risk?
- Conditioned to Respond
- Managing & Mobilizing Insurance Data in a Connected World
- Race to the Finish Line
- New Tools, New Opportunities in Claims
- ITA LIVE: Reaching Insurance Industry Crossroads
- Advice to Insurance IT Leaders: Keep Your Eye on the Ball
- New Date, Venue for ITA LIVE 2017
- Guidewire Makes Major Push to Small and Midtier Market by Acquiring ISCS
- Insurance Disruption is Happening Right Now
- Insurity Adds Strategic Investment Partner, General Atlantic
- Beyond Transformation: The Convergence of Finance, Risk, and Actuarial Functions
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- IICF Celebrates Year-round Volunteerism with 2021 Week of Giving
- Vantage Selects Majesco Billing for P&C, Policy for P&C and Digital1st
- insured.io Launches insured.io Insights
- Concierge Cyber Bolsters Expert Cyber Team
- Plug and Play's Winter 2021 Batches Feature 153 Startups To Participate in Innovation Program
- New IICF White Paper Details the Future of Inclusive Work for Insurance
- Foxquilt Announces $8M Series A Round to Provide Customized Insurance for SMBs
- bolttech Extends Series A to $210 million
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA LIVE 2020
ITA LIVE 2020 –SAVE THE DATE!
April 5th – 7th, 2020
The Diplomat Resort
Become a member today to receive updates – www.itapro.org/MR
You have surely heard it said that small businesses are the growth engine for America. Today, the phrase has a special ring to it for benefits... READ MORE
With stagnant growth and lingering low interest rates, the life insurance industry faces a challenging future... READ MORE
Finding insurance carriers willing to write commercial lines risks has always been a challenge for producers... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE
Successful implementation requires balancing operational and emotional issues... READ MORE
- Vendor Views