adamerlebacher
@adamerlebacher · Co-Founder & CEO, Fabric
Good morning, Co-Founder of Fabric here.
We were told we would never be able to do it, but we’ve taken a clean page and made life insurance easy to buy. (It has not been easy to do!)
That means if you live in Texas, Illinois, Ohio or 29 other states, you can have life insurance coverage about 2 minutes after you finish reading this sentence (we timed it!). No more agents, complex and costly policies, and weeks of waiting. This has never been done before.
Fabric plans start at $6/mo for $100,000 in coverage and you can do it on your phone, tablet, or desktop.
Here’s how it works:
If you’re 25-44, accidental death is your life’s single biggest risk. Fabric Instant covers you with accidental death insurance in about 2 minutes, on your phone. You can upgrade coverage later to include death from accidents and illnesses by replacing Fabric Instant with Fabric Premium, a 20-year term life insurance policy. Policies are issued by Vantis Life, which was founded in 1942 and has a rating of “A” (“Excellent”) for financial strength and claims-paying ability from A.M. Best.
With Fabric Instant, we took the time to design a new insurance product from the ground up. It was the only way to create a 2-minute experience from start-to-covered, whether you’re on your mobile device, tablet, or desktop.
Give us a try! I’d love to hear what you think.
Adam
Fabric Co-Founder
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Ed Holloway
@edholloway · AutomatedSky, MaidBooks, Field2Base
@adamerlebacher Great concept, and it seems much easier than the traditional alternatives I've looked at.
I've actually been in the market, and I started your process, but paused - here is what stopped me (FWIW):
1. I can't see my pricing on "Premium" until I create (and I assume pay) a policy for Instant. Frankly that's kind of lame. Without the transparency here, I feel like I'm back in traditional insurance-world where everything is obfuscated, and always has an insane premium hidden somewhere. Yea, I get the stats and that I am more likely to be covered by Instant than not. But I would expect many folks who are trying to care for their family like this want to make sure they are covered in all cases, not just the most likely.
I also get that your probably trying to capture the customer before upselling them, but for folks who feel like they need the full coverage from the start, you should provide a fork here, or at least better transparency on total pricing before asking for the commitment.
2. The phone number requirement before I see any real details on the policy I am about to get. Probably not a big deal by itself, but combined with #1, it just made me feel like I am going to get harassed constantly with calls (as I have been from your competition when getting quotes).
Hopefully this feedback helps - from the perspective of someone who was already pulling out a Credit card when reading this post, but then stopped.
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adamerlebacher
@adamerlebacher · Co-Founder & CEO, Fabric
@edholloway Thanks for the feedback! In response to your questions:
#1: We actually show you how much it costs to upgrade to Fabric Premium (20-yr term life policy) right after you select one of the three Fabric Instant plans. We calculate the Fabric Premium quote based on the amount of coverage you select for Instant. We'll see how we can make the Fabric Premium quote more visible! And one side note re who can buy Fabric Instant: if you're 25-50, you qualify. It's a guaranteed-issue insurance product.
#2: We only use the phone number to authenticate users via SMS. We do *not* call folks unless they ask (nearly everyone prefers our chat feature).
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Ed Holloway
@edholloway · AutomatedSky, MaidBooks, Field2Base
@adamerlebacher
Cool - thanks for the reply and details. You should say some of this stuff right on the page - I think it would have helped me feel more comfortable in the process.
The clean look is great (and a huge relief from the "fine print" all over your competitors sites) - but a little more detail here would probably help people wrap their heads around things better.
Many of your prospects are coming to the page with years (or decades) of experience dealing with insurance company shenanigans - anything you can do to mitigate that mistrust will go a long way IMO.
Good luck, and I'll take another look.
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adamerlebacher
@adamerlebacher · Co-Founder & CEO, Fabric
@edholloway Thanks again!
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Jimmy Douglas
@jimmydouglas · COO at Vault
@adamerlebacher Congrats on the launch, @adamerlebacher!
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