Social Finance, Inc. (SoFi), a San Francisco, California-based online personal finance start-up platform, as per recent reports last week, is planning something bigger, deducing ways to come up with innovative insurance services and solutions, to advance the company’s insurtech portfolio, in alliance with two major start-ups in the field – Lemonade and Root.
If everything pans out, the San Francisco-based SoFi will soon be offering three types of insurances – a home and renters insurance option by collaborating with New York-based Lemonade; an auto insurance option in alliance with Ohio-based Root; and the company’s existing life insurance option by its 2018 initiated partnership with California-based Ladder.
“Protecting yourself and your assets is a critical and often overlooked piece of your overall financial well-being,” stated Anthony Noto, SoFi CEO. “People come to SoFi to get their money right, and we’re pleased to now provide them with more tools to be able to do so by partnering with companies that share our values in ease of use, transparency, and efficiency.”
SoFi claims that these new insurance offerings are simplified to help customers better understand the policy, with increased transparency about the pricing and associated benefits to customers, without a meddling agent, middlemen, or even those long and confusing phone calls with bank representatives.
“Our priority at Root is to put the power back into consumers’ hands by making auto insurance clear and understandable,” states Alex Timm, Root Insurance co-founder and CEO. “We’re excited to partner with the SoFi team as a means for members to have access to more affordable, accurate and fair auto insurance.”