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The Biggest Value-Add For Financial Institutions In 2024 Is Not What Anyone Was Expecting

Spoiler alert – it’s embedded life insurance. Amid the conventional expectations for fintech innovations, this seemingly silent player emerges as the game-changer no one anticipated.

In the ever-evolving landscape of finance, 2024 has unveiled an unforeseen disruptor that defies expectations. The latest groundbreaking innovation making waves in the financial world is not what anyone anticipated – it’s embedded life insurance, a curveball hidden in plain sight as the industry busily scans the horizon for the next big thing.

Amidst the buzz of cutting-edge technologies and dynamic market shifts, life insurance has undergone a silent transformation, emerging as a pivotal player in financial landscapes. Yet, this revelation isn’t just catching the industry off guard. It’s illuminating what financial advisors and institutions (and most importantly, their clients) should actively seek in 2024.

Now, more than ever, financial advisors must redirect their focus to explore the intricacies of embedded life insurance, recognizing its potential to profoundly impact the overall financial planning landscape for consumers. Alex Matjanec, Founder and CEO of Wysh, asserts that embedded life insurance aligns seamlessly with consumers’ true needs, and the company’s innovative approach is gaining traction.

Wysh, a unique life insurance company, offers a financial-protection benefit that can be purchased by financial institutions and embedded into deposit-style accounts that are offered to customers. Life Benefit by Wysh has already forged a partnership with the fintech UNest, marking a significant shift in the landscape of family financial protection, and has several other financial institutions in its pipeline for Q1 and Q2.

The UNest collaboration is set to equalize access to financial protection for millions of families nationwide, making it easier for parents to invest in their children’s future and to secure life insurance coverage.

Michael Doniger, former UNest Chief Operations Officer, acknowledges the remarkable value Wysh’s Life Benefit brings, enhancing members’ ability to protect their family while building investments for their child’s future:

“The ability to integrate Wysh’s Life Benefit seamlessly and swiftly into our platform was remarkable. Their insurtech solution has added value for our members allowing them to build protection for their family as they are building investments for their child’s future and simultaneously increasing the value of the UNest membership,” he says. 

Wysh’s embedded life insurance is a complimentary benefit for UNest consumers, allowing them to earn up to $10,000 or 10% of their savings. “With our added embedded life insurance policy, we’ve allowed for the more you save with UNest, the more you protect your family.” Matjanec adds.

By providing embedded life insurance as an added  benefit tied to savings, UNest empowers individuals to proactively secure their financial future while navigating the complexities of modern life. 

This democratization of financial protection aligns with an evolving expectation of consumers, who are increasingly seeking all-in-one solutions that address various facets of their financial well-being.

The Life Benefit program has increasingly become a catalyst for change, encouraging individuals to view life insurance as an integral component of their overall financial strategy. The pressing question now is, “how can we get in on this?” and the answer is simple: With speed and value. 

Matjanec highlights Wysh’s rapid integration with UNest within 30 days, the fastest implementation the company has ever experienced. “We have a fully dedicated integration team that is there to work with our partners directly day to day, so it’s a really swift transition,” he says.

Resulting in a win-win for both the financial institution and their clients, adding embedded life insurance to their offerings not only enhances the institution’s value proposition but also allows them to foster a deeper connection with their consumers.

This innovative approach acknowledges that financial security goes beyond traditional banking services, to create a synergy between wealth accumulation and protection. Recognized for filling a gap in financial security that many individuals may not even realize exists, Wysh was the Finovate Fall 2023 Best Of Show winner. This acknowledgment underscores the company’s commitment to revolutionizing the industry and providing cutting-edge solutions for customers.

The added dimension of earning potential, where consumers receive benefits based on their savings, transforms life insurance from a passive safety net to an active and rewarding financial tool. Matjanec’s vision extends beyond risk mitigation and envisions life insurance as a catalyst for financial growth and stability.

As this disruptive trend gains momentum, financial advisors and institutions in 2024 find themselves at the forefront of a transformative era. The shift towards embedded life insurance emphasizes the industry’s commitment to innovation, a strong focus on client needs, and a more inclusive approach to financial planning. 

The lesson is clear: the next big thing might not always be on the horizon. Sometimes, it’s embedded in the very fabric of the financial services we thought we knew. To learn more about Wysh, and how this unique life insurance company can seamlessly integrate into your financial institution, visit their website

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