Life insurance settlements: analysis of the death bond market – Coverager

In 2017, Ovid, an insurance auction platform, announced the launch of Ovid Life Insurance Exchange, a platform that directly connects policyholders with institutional investors for life insurance settlement transactions. At the time of the announcement, Peter Colis, CEO of Ovid, said: “We are the largest consumer advocate in the market. There is $20 trillion in unpaid life insurance in the United States, about 90% of which will never pay a claim. Ovid creates a market mechanism to release this net value. If the name Peter Colis rings a bell, it’s because he, alongside Lingke Wang, the other co-founder of Ovid, is also a co-founder of Ethos, the life insurance distributor digital supported by funds from celebrities like Robert Downey Jr., Will Smith. , and Jay-Z.

Currently, the Ovid site features blogs about Girl Scout Cookies and classic rock bands. That aside, the site offers a calculator that asks for your name, phone, email address, death benefit, policy type, length of ownership, whether the policy was provided by a current employer or older, your date of birth, your gender and information about your health. to then direct you to call a 1-800 number and speak to an Ovid agent, which will subsequently result in a robocall spamming you. Our final note regarding Ovid is that Peter Colis’ LinkedIn profile states that he “built and led Ovid through successful acquisition.” At Coverager, we cover modern insurance. The question now is: is the secondary life insurance market modern and efficient?