in consumer applications for financial services
Regulatory and technological developments are changing the nature of financial markets, services, and institutions. Regulation today is benefiting from the automation of compliance processes. This trend is beginning to enable cost savings and superior monitoring, such that those companies that can enable real-time and proportionate regulatory processes that identify risks and enable more efficient regulatory compliance are beginning to emerge as industry leaders. However, the streamlining of regulatory processes is only one step toward what is needed to build a better and more efficient compliance framework.
Brands survive if the companies behind them have people, processes, and products that are innovative, useful, and provide value to customers. Consumers historically view the companies they interact with as an important part of their lives and cultural structure. However, this importance and acceptance of companies, services, marketing, and interactions does not just rely on the product and informational value, but also and more importantly on trust. That trust encompasses many areas, but overall compliance to rules and regulations is key to that trust.
How do you know who is responsible and who is not? Who is trustworthy and who is not? Transparency. It is the new commodity that must become a part of every company’s core process, products and message. Companies must begin to realize that there are opportunities to grow and innovate by applying technologies and processes to important ideals such as compliance, trust and safety. This will create value for businesses, consumers, and society.
How do companies develop a compliance program that obtains that level of trust with their customers? The answer must be to leverage technology, people, process, and partnership to ensure compliance throughout the network of partners, products and services that are offered.
Here is how we do it at Even Financial:
1. Technology - We use programmatic compliance technology to help provide better overview and breadth of service. This means we can add over 3,000 rules and score the entire internet for potential issues whenever our brand is mentioned. This not only helps protect consumers and our partners, but also provides us with a scalable way to audit any placement while adding an additional level of comfort that we are in compliance with regulation.
2. People - You can’t rely solely on technology. You need to have people that are trained to understand compliance issues, know how to review those issues, and can communicate effectively with partners and internal teams as to how to update or change any problems that arise before they present themselves. You do this by having a compliance team, but also by having an effective training program for your whole company so everyone from business development to marketing teams can know and understand the rules and potential issues.
3. Process - Nothing gets done without a process. If you don’t have processes in place to review, audit, and track—then you are blind to the compliance risks of your business and the issues that may be present. Processes must be developed, created, and implemented to monitor workflow processes to verify that the company action is best-in-class and compliant with internal policies, regulations, self regulation models, and consumer needs. This process will aid in determining not only breaks in your system, but also create a failsafe to resort to in issue spotting when something goes wrong from a legal and regulatory perspective. It's important to build that process and communicate it effectively with all teams. This can simply start with an overall document that is shared with all teams that includes a step-by-step overview of what needs to be done and when. Then the next step is to go even deeper in order to audit and track. This can be as simply as using a third party software system or even creating your own internal excel sheets. It really doesn’t matter how you do it, but you must do it in order to keep all the rules aligned and all the reviews and audits tracked appropriately.
4. Partnership - This is perhaps the most important phase. You must know your partners intimately. They must have the same trust values, principles, and give compliance the same level of importance as your company does. This means due diligence is extremely important. You must work closely with your business development and security teams and help to create an overall framework for what type of partners your company wants to work with from a compliance standpoint. The companies you work with must understand that this is a partnership and that by working together and being successful from a compliance standpoint will assist in growing the relationship to even greater success.
We always think beyond the horizon and endeavour to perceive compliance implications and issues before they occur. Businesses can only convey a compliant environment if they provide valuable and secure procedures and processes. Those can only be accomplished with the proper technology, people and partnerships in place. Trust through appropriate compliance infrastructure promotes brands, allows consumers and partners to realize true value, and creates lasting consumer relationships.
Disclamer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Even Financial product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Even Financial through hyperlinks, from third-party websites, are provided for informational purposes only. Although we promote products and services form our partners, our opinions are our own.
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" (...) a streamlined consumer experience, helping millennials with no collateral, budget, or saved money. Even’s impressive matching algorithms simplify the process of finding the best personal loans to meet your needs."
"(...) a truly modern and easy to use platform for the financial services marketing world. They make it easy to develop consumer friendly, innovative products in a space dominated by legacy platforms."
"(...) Their wide-reaching network and tech integrations bring in qualified, high-converting leads, and their team has been a pleasure to work with."
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Goldman Sachs-backed Even Financial, a digital matchmaker between banks and customers, just bought an insurance startup as life insurers are seeing policy applications boom
Even Financial has acquired LeapLife, a leading insurtech platform. The addition of LeapLife allows Even to immediately commence its insurance capabilities, aimed at simplifying and enhancing the way consumers search, compare, and get matched with insurance policies (LeapLife’s existing platform will continue to operate from leaplife.com). Business Insider wrote an article about it, interviewing our CEO and Founder Phill Rosen.
Even Financial Launches Insurance Offerings With Strategic Acquisition of LeapLife, a Leading Insurtech Platform
Pioneering B2B Fintech Expands its Industry-Leading Financial Services Monetization Platform to Help Insurance Carriers Find and Connect with Consumers New York, New York – April 22, 2020 – Even Financial (Even), the leading API for financial services search, acquisition, and monetization, announced today that it will be launching services for the insurance industry through the acquisition of LeapLife, an insurtech platform and digital life insurance agency. The addition of LeapLife allows Even to immediately commence its insurance capabilities, aimed at simplifying and enhancing the way consumers search, compare, and get matched with insurance policies (LeapLife’s existing platform will continue to operate from leaplife.com). Even and LeapLife now offer the only full end-to-end, multi-carrier digital life insurance marketplace experience. Over the coming weeks, Even will further integrate LeapLife’s technology and insurance offering into its industry-leading API, making turnkey insurance marketplaces programmatically available to a vast network of channel partners — when and where their consumers are most in need — while also enabling the company to expand to other insurance sectors, including homeowners, renters and auto insurance. This adds to Even’s peerless breadth of real-time, personalized financial product offers — an expansive suite that already includes loans, savings, credit cards, and more. “Even’s goal to evolve how financial institutions find and connect with consumers is not limited to loans or credit cards, but applicable to all financial products and services, including insurance,” said Phill Rosen, Even Founder and CEO. “Despite its importance, purchasing life insurance is often an overwhelming and inconvenient experience. With more than $600 billion in premiums paid each year, and only 6% of policies sold completely online, we see tremendous opportunities to help modernize the life insurance industry and offer solutions that solve challenges for consumers and carriers alike.” LeapLife is an established insurtech platform and digital life insurance agency that utilizes data science, deep underwriting knowledge, and proprietary technology, enabling consumers to apply for instant-decision life insurance policies with real-time quotes. LeapLife works with many best-in-class insurance carriers to offer consumers a seamless experience from beginning to end. This approach made Even and Leaplife a perfect match. As a digital insurance broker, LeapLife offers personalized life insurance recommendations based on a consumer’s unique needs. Paired with the Even API, which enables customer acquisition for insurance to be native and programmatic, consumers benefit from a more streamlined, transparent, and highly personalized experience when shopping for life insurance. Just as Even’s 2018 acquisition of Birch (the award-winning credit card rewards app) allowed the company to accelerate its expansion into credit cards, the addition of LeapLife will similarly put Even at the forefront of consumer insurance offerings. Charles Svirk of MassMutual Ventures, an investor in Even, said “The Even and LeapLife teams share a vision that the future of insurance acquisition will rely on the power of data-driven, programmatic distribution. We are thrilled to support them as their industry experience, impressive technology, and trusted relationships will help scale Even’s insurance offering and build partnerships to provide these critical innovations in insurance acquisition.” The Even API and platform solve significant, long-standing pain points in financial services acquisition by seamlessly connecting supply and demand. Even has continued its rapid growth trajectory in 2020, surpassing over $1.5 billion in credit issued through its API and expanding its platform to over 400 partners. Even has secured over $55 million in funding from major financial institutions, venture capital firms, and fintechs to back its goal to evolve the financial services acquisition ecosystem. About Even Financial Founded in 2015, Even Financial is a B2B fintech company that is transforming the way financial institutions find and connect with consumers. By seamlessly bridging financial institutions (including American Express, Goldman Sachs, and SoFi) and channel partners (such as TransUnion and The Penny Hoarder) via its industry-leading API, Even turns any consumer touchpoint into an ROI-driven, fully customizable, programmatic acquisition source for financial product offers with full compliance, security, and scale across loans, savings, credit cards, insurance, and more. Even is backed by leading financial services firms and VCs including American Express Ventures, Canaan Partners, Citi Ventures, F-Prime Capital (Fidelity), Greatpoint Ventures, Goldman Sachs, LendingClub, and MassMutual Ventures. Even is the leading search, comparison, and recommendation engine for financial services. Media Contact: firstname.lastname@example.org
Even CEO/Founder Phill Rosen quoted in Protocol Braintrust Newsletter
Our CEO and Founder Phillip Rosen was included in the most recent Protocol Braintrust newsletter along with answers from some thought leaders from Plaid, Slack, and DuckDuckGo!