SCOR collaborates with a financial security platform powered by machine learning

Global reinsurer SCOR has announced its collaboration with Onuu, an all-in-one banking and insurance solution in the United States.

Founded by serial entrepreneurs Felix Ortiz and Ryan Wuerch, Onuu is designed for Americans of modest means, offering personalized membership with access to life insurance, credit and savings.

In a press release, he says Onuu’s platform is powered by AI and machine learning to help change the way people access financial products, services and education while creating a more personalized and accessible user experience.

SCOR joins Visa and AAA Life Insurance, as Onuu recently announced its first round of partnerships that lay the foundation for insurance solutions offerings, which will include access to products and services for the approximately 166 million Americans currently underserved by the country’s financial system.

In addition, the press release adds that democratizing access to financial security is at the heart of Unu’s mission, and this inaugural list of partners represents the company’s commitment to advancing this vision for its members.

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SCOR and Onuu will collaborate on reinsurance solutions for Onuu’s offerings to support these initiatives.

Manisha Dias, Vice President, Strategic Partnerships at SCOR, said: “As a driven organization, we aim to reverse the widening savings and protection gaps. We are excited to partner with Onuu to increase financial literacy and accessibility, and improve safety through an integrated digital approach.

Felix Ortiz, CEO and Co-Founder of Onuu, added, “At Onuu, we believe that everyone deserves financial security, which was the impetus to start the business. We built the platform with Americans of modest means in mind, leveraging machine learning to help ensure people have access to a more secure financial future.

“We know that working with like-minded brands that put the financial well-being of their customers first is critical to our success, and it’s an honor to partner with renowned brands like Visa and AAA Life. Insurance as we prepare to introduce Onuu nationwide.”

Ankur Chaturvedi, Chief Operating Officer and Acting President at AAA Life Insurance, said, “We are thrilled to partner with Onuu as they are leading the way in how people think about and approach financial security. This partnership will allow us to work together to help Americans gain better and more robust access to financial protection for their loved ones.

Vanessa Colella, Senior Vice President and Global Head of Innovation and Digital Partnerships, Visa, also added, “Expanding access to financial tools and services is at the heart of Visa’s purpose – to elevate everything the world everywhere – and we are excited to work with companies like Onuu to bring new solutions and approaches to this challenge.

“By joining Visa’s Fintech Fast Track program, Onuu gains access to Visa’s scale, security, reach and partner network, which can help fast-growing fintechs get to market faster.

Additionally, Onuu will open a waitlist on May 2, giving consumers the opportunity to become early subscribers and stay up to date with the latest news surrounding the launch.

Additionally, Onuu will launch the platform this summer with immediate plans to scale its offerings, expand its team, further develop the technology, and grow its partner network over the next six months.

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Sarah J. Greer