Insurance News, a leading insurance industry news channel, today reports on the progress of Futureproof. as an insurtech disrupter. Insurance News reports:
“No insurer has any retirement funding product for the 70% majority of retirees who are asset-rich/cash-poor, other than a reverse mortgage.
This leaves insurers fighting for the 30% of retirees who are cash-rich trying to sell them annuities, guaranteed income products or investment products”
Futureproof CEO, John Innes was quoted as responding:
“No one likes reverse mortgages – not your parents as borrowers who lose their home equity and not the lender writing them at a 100% risk weighting … requiring Tier One capital to be locked up for regulated capital or solvency margin.”
There is a glaring lack of product and this is the white space for the life insurance industry for which no one has come up with any product innovation.
