Beating The Insurtech Blues: Insurtech Startup Wysh Adapts To Industry Changes

In an industry known for gradual adaptation to change, one company is proving that agility and innovation can help drive reform in life insurance. Wysh, the New York-based insurtech startup, has not only weathered the storms that rocked digital insurance providers in 2024, but has emerged stronger, exploring new approaches to embedded financial protection.

While insurtech companies navigated market challenges, Wysh’s unique position as both an insurance carrier and a technology innovator allowed it to pivot swiftly. “Being a carrier gave us the flexibility to adapt our products quickly to market needs,” explains Alex Matjanec, founder and CEO of Wysh. “We’re not just a technology layer; we control the entire stack, which means we can innovate at every level of the insurance process.”

This agility proved crucial in 2024, a year that saw significant shifts in consumer behavior and regulatory landscapes. As other digital providers worked to adapt their approaches, Wysh doubled down on its strategy of embedded, customizable protection.

At the heart of Wysh’s success is its flagship product, Life Benefit. This innovative offering embeds micro-life insurance directly into bank accounts, providing customers with a taste of financial protection without the commitment of a full policy. “We recognized early on that consumers, especially younger generations, wanted to dip their toes into life insurance before diving in,” says Edwin Endlich, a lead strategist and marketer at Wysh. “Life Benefit allows them to experience the peace of mind that comes with coverage, often for the first time.”

But Wysh’s innovation doesn’t stop there. The company has created a seamless upgrade path from micro-insurance to full-term policies, a feature that has proven particularly popular. “By allowing customers to start small and grow their coverage as their needs change, we’re building long-term relationships based on trust and value,” Matjanec explains.

The expertise behind Wysh’s success is as diverse as it is impressive. Matjanec, a veteran of the fintech world, assembled a team that blends insurance know-how with cutting-edge technology skills. Strategists bring insights helping to design products that align with how people actually interact with financial protection. A nimble team of designers, actuaries and compliance experts with backgrounds in both insurance and user experience design, ensures that Wysh’s products are not only financially sound but also user-friendly.

The company’s foresight in predicting the need for embedded insurance has paid off handsomely. “We saw the writing on the wall,” Matjanec says. “Traditional life insurance wasn’t resonating with modern consumers. They wanted protection that fit seamlessly into their digital lives.”

This vision has attracted partnerships with major financial institutions eager to offer their customers innovative protection options. UNest, a family savings app, was an early adopter, and the partnership with Wysh has allowed them to offer seamless financial protection to over 300,000 families. 

As Wysh looks to the future, the company shows no signs of slowing down. Plans are underway to expand the definition of financial protection, always with an eye on seamless integration and user-centric design. “Our goal is to make financial protection as natural and effortless as checking your bank balance,” Matjanec declares.

In an industry often viewed as traditional and slow to evolve, Wysh offers a fresh approach to innovation in the industry. By understanding the evolving needs of consumers and leveraging technology to meet those needs, the company has not just survived, but thrived in a challenging market.

Looking ahead into 2024 and beyond, one thing is clear: Wysh is working to redefine financial protection for the digital age. For consumers and financial institutions alike, that’s a wish come true.

Featured photo courtesy of Wysh.

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