Reframe Financial

Reframe Financial is an insurance technology company focused on helping families prepare for and manage the financial and emotional issues of aging. Its stated aim is to keep customers and their families covered for life, with particular attention to the long-term care and later-life care costs faced by Millennial and Gen X households.

The company's product, Reframe LifeStage, is packaged insurance that combines life insurance carrying cash value with benefits covering care typically needed later in life. The design is organized around three life stages the company identifies — family protection, "empty nesting" with a shift toward health and financial security, and later life, when coverage for care needs and savings become the priority — with benefits intended to evolve and grow across those stages. According to trade coverage of the launch, LifeStage is a hybrid policy pairing Indexed Universal Life insurance with cash value and long-term care benefits. Policies, performance tracking, changes and claims are managed through a single company platform.

Reframe describes its team as a mix of insurance industry veterans and technology staff, and says its sales and underwriting processes were built from data and customer insights. The leadership team includes CEO and co-founder Karan Aneja, COO Michael Mazur (over 25 years of actuarial and operations experience, much of it in long-term care and supplemental health, previously President/CEO of Continental General Insurance Company and an SVP at Great American Insurance Group), CCO Loida Abraham (30+ years in long-term care insurance, previously at John Hancock, Swiss Re and Genworth), Head of Engineering Alec Feuerstein, Head of Tech Product Ryan Currie, Associate Actuary Elizabeth Taylor, National Accounts Director Kristen Martin Eldridge, and Director of Marketing Bill Holbrook.

Founding story

The company traces its origin to the personal caregiving experiences of CEO and co-founder Karan Aneja. He has described being surprised by the time, effort and expense required to arrange home health care services for his grandparents, and then by neighbors in the same small community asking whether they could hire the same aide — indicating substantial local need that none of them had planned for financially. Recognizing that he had no plan for his own future care needs either, he helped create Reframe Financial to help families prepare for the financial issues of aging.

Business model

Reframe designs and brings to market packaged insurance products in partnership with carriers and reinsurers rather than acting alone, contributing product design, an intelligent technology platform, and digital sales and underwriting processes. Reframe LifeStage is issued in conjunction with Federal Life Insurance Company, with Swiss Re providing product innovation expertise and automated underwriting via its Magnum solution.

Traction

As of the May 2023 launch coverage, Reframe LifeStage was approved in 34 states and was beginning a six-month soft launch with a limited set of distributors ahead of wider release later that year.

Latest developments

In May 2023, Federal Life Insurance Company, Swiss Re and Reframe Financial announced a partnership to introduce Reframe LifeStage, a digital-first hybrid Indexed Universal Life policy with cash value and long-term care benefits aimed at Millennial and Gen X employees, initially available through a limited soft launch.