Meet the insurtech: Onuu | Digital Insurance

It is pronounced “on you”.

Onuu, a banking, credit and life insurance platform startup founded in September, is set to launch this summer with a mission to serve 166 million Americans of modest means who may be excluded from insurance and services. traditional finance.

When asked why “on you,” co-founder and CEO Felix Ortiz says the name represents the idea that “we’re basically betting on you. We want you to grow.

Felix Ortiz, co-founder and CEO of Onuu

Ortiz grew up in Sunset Park, Brooklyn, NY, living with eight family members in one apartment. “I could see how frustrated my grandmother Candi would be when she didn’t have access to the products,” he says. “We were going to the local bank and the products she had access to were not the ideal products. In addition, there was a lack of insurance.

He served in the US military and came into contact with the USAA, the insurer specializing in coverage for military personnel, veterans and their families. Ortiz also worked for an HMO in the healthcare industry. “I wanted to create something that really democratizes access to insurance and financial products for the demographic segmentation that needs it the most, but it’s often been overlooked because they either have a thin credit history or they live in a zip code which, due to the actuary’s data, they present a higher risk.

Onuu is currently inviting potential customers to join its waiting list for life insurance which will start at $12 per month, a credit card with a margin of up to $3,000, a savings account and financial planning. Ortiz himself remembers being frustrated “to see the community I grew up in being taken advantage of by these payday lenders, these predatory companies, and knowing that at the end of the day, it’s all the same. products just packaged in a different way”.

The first step to making it easier to get insurance is to reduce requirements and bureaucracy, Ortiz points out. Onuu eliminates weeks-long delays for underwriting and extensive medical exams and blood work, by digitally accessing existing prescription records, with the consent of the insured, to help determine what coverage will be provided. Life insurance policies will be issued by AAA Life Insurance Company.

Cheryl Neal, Director of Insurance and Financial Services, UNU

Cheryl Neal, Director of Insurance and Financial Services, UNU

“There will be an instant decision for those who succeed [the prescription review]explains Cheryl Neal, Director of Insurance and Financial Services at Onuu. “They get a life insurance offer in good faith. Others, without any process interruption, will get an AD&D policy. Thus, everyone has the guarantee of a life insurance offer. It’s a bit different from what other players focus on. They focus on the high income population.

The average income of AAA Life Insurance clients ranges between $75,000 and $90,000, according to Ortiz. Onuu will open a different customer base for AAA. “What makes AAA a great partner is their ability to push boundaries and think outside the box, and not look at things in a legacy way, but in an innovative, forward-thinking way. future,” he said.

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