Insurtech Firm Empathy Redefines Life Insurance with Bereavement Support
Empathy, a life insurance technology company launched in 2020 by Ron Gura and Yonatan Bergman, is changing the industry’s approach to end-of-life services. The company partners with life insurers to provide estate settlement assistance and support services for bereaved beneficiaries, extending care beyond the initial payout.
With the life insurance market valued at $1.3 trillion in the U.S., and a massive generational wealth transfer expected in the coming decade, Empathy is poised to make a significant impact. Digital Insurance recently spoke with Ron Gura, CEO and co-founder of Empathy, to discuss the company’s unique approach and how they’re partnering with life insurers to create a more supportive experience for their customers.
Continuity of Care: Beyond the Payout
Empathy’s core offering centers on “continuity of care,” providing ongoing support to families after a loss. As Gura explains, this approach has resonated with partner carriers, with seven more carriers having invested in Empathy since its first partnership. This shift moves away from the traditional “check is in the mail” approach to a more supportive and proactive stance.
“When we talk about consumer experience, they hear generational loyalty. When I pitched continuity of care, they heard asset retention.” – Ron Gura, CEO and co-founder, Empathy
Empathy offers a personalized care plan, pairing families with dedicated care managers for two years. The accompanying app provides tools for various tasks, from writing an obituary to updating credit bureaus, and also offers emotional support such as grief meditations and journaling. It streamlines the often-complex process of estate settlement, providing a modern, user-friendly experience. This approach helps insurers retain assets under management and fosters generational loyalty.
Benefits for Life Insurers
Empathy’s services are particularly relevant given the substantial wealth transfer among Baby Boomers. By helping financial institutions maintain their relationships with families during difficult times, Empathy addresses a crucial need. The company helps these institutions show up for families when it matters most. They are moving claim centers from cost centers to a new model of care.
Empathy provides a tier one consumer experience, offering an empathetic and supportive service during a time of grief. By measuring key metrics, it highlights the value proposition for its partners. With a 100% retention rate among its 30 carriers after four and a half years, the company has clearly demonstrated that doing the right thing for families is also good business for life insurance companies.
