Fabric Health Insurance App

Lately, it seems as if the life insurance industry is adapting to the 21st century’s obsession with technology. Several applications have released over the last few years that are aimed at not only simplifying the process, but also appealing to a younger demographic. And with reports of millennials not purchasing life insurance—they are far too concerned with paying off financial debts—the industry needs to find a way to appeal to a younger audience, or risk going the way of the dodo.


One of the latest startups looking to take advantage of the millennial market is Fabric Life Insurance.


Founded by Adam Erlebacher and Steven Surgnier, the idea for Fabric came from their own experiences in purchasing life insurance for their families. The two were tired of meetings with agents and the long, drawn-out and complex process that life insurance is known for. So they decided to come together and change that. For the record, the two are no strangers to revolutionizing traditional processes and ways of thinking. You might recognize Surgnier and Erlebacher for helping found Simple, the banking application that lives up to its name—which has over 100,000 customers. The duo are looking for the same success for Fabric.


Fabric’s core function is to offer a simple, affordable alternative to the hundreds of traditional, legacy insurance companies out there. Through Fabric’s proprietary, innovative technology, the service, according to the company’s website, allows users to purchase a policy within two minutes. The site offers accidental death coverage, which according to Fabric, is the number one risk for those aged 25-44, with the Fabric Instant policy. Fabric Instant costs $15 per month, while offering a $250,000 in coverage. Another one of Fabric’s perks is its ability to easily and effortlessly upgrade to Fabric Premium, the company’s 20-year term life insurance that provides coverage from $100,000 to $5 million—depending on the policyholder’s health and lifestyle.


Although the company is a startup and is very new, it does not offer a mobile application—which in today’s tech-driven world is almost a must-have. Instead, the service is available strictly through browsers, which policyholder’s can still access from their mobile devices. Using cloud technology, Fabric is able to adapt to multiple states’ insurance requirements almost instantly, offering an incredibly versatile service. Fabric also does feature online assistance from licensed insurance agents, but does not require it; this helps remove any potential pressure on clients to purchase expensive policies from commission-based agents.
With its simplistic, transparent and competitive approach to the complicated life insurance industry, Fabric could potentially stand out as a powerful alternative for millennials.