TAL has joined forces with global insurtech Cover Genius to launch backd, a digital-only, life insurance product for part-time, casual, and contract workers.
Unveiled this month, backd will be delivered via employer payroll and HR platforms, offering income, and illness protection. It requires no underwriting, supports fully digital claims, and pays up to $300-a-day for income protection and up to $150,000 for life cover.
TAL Group CEO and MD Fiona Macgregor said: “Last year, 74% of the 54,000 claims we paid were to help people recover from illness or injury – not death benefits.
“Backd addresses an important community need by making support available to people who aren’t served by traditional models.”
With embedded insurance increasingly attractive to tech-savvy and underinsured segments, Macgregor says the partnership is targeting younger Australians aged 25 to 44, who “…are more likely to prefer digital and ‘bite-sized’ insurance products”.
TAL plans to expand backd into sectors such as health and banking.
