UK-based digital insurance provider Eleos Life has entered the US market, offering embedded term life and disability insurance through partnerships with mutual insurer Assurity and reinsurer SCOR. The company, licensed in 41 states plus the District of Columbia, plans to distribute its products via banks, credit unions, and fintech platforms, aiming to improve access to individual insurance in a market where many consumers lack adequate coverage.
Data shows that fewer than 30% of Americans hold individual term life insurance, while around 18% have individual disability insurance. Employer and state-provided coverage can be limited and often does not transfer when workers change jobs. Eleos Life’s products are integrated into digital platforms using application programming interfaces (APIs), allowing partners to embed insurance offers within existing customer journeys. The integration process can be completed in under a week, with regulatory compliance managed centrally. Customers can apply for and manage policies fully online.
Market Opportunity
The US disability insurance market is valued at around $127 billion and is expected to grow at a compound annual growth rate of nearly 12%. The addressable market includes approximately 161 million employed individuals. The individual term life insurance market is estimated at $15 billion, covering about 65 million households with a primary income earner.
Additional Benefits
In addition to insurance coverage, Eleos Life offers policyholders access to remote primary care and mental health counseling services, included with each policy. CEO Kiruba Shankar Eswaran stated that the company’s goal is to close protection gaps by making insurance more accessible through everyday consumer platforms. He highlighted low levels of individual insurance ownership as an opportunity for embedded solutions.
Eleos Life’s US entry is part of a wider movement of UK insurtech firms expanding internationally. Companies such as Zego, ManyPets, and YuLife have also targeted the US market in recent years, leveraging technology to offer streamlined, digitally distributed insurance products. Brian Barnes, vice president of partnerships at SCOR, expressed support for Eleos Life’s approach, highlighting the company’s established track record in the UK. With embedded insurance gaining momentum globally, Eleos Life joins a growing number of startups aiming to scale through partnerships and technology-driven distribution models in markets with significant underinsurance.
