Fabric (insurance company)

Fabric (insurance company)

Fabric Insurance is a Brooklyn-based digital insurance broker.

Fabric Insurance, founded in 2015 by CEO Adam Erlebacher and CTO Steven Surgnier, is a fully licensed online insurance agency. Customers sign up through Fabric's digital process. The insurance policies are fulfilled by Vantis Life Insurance, which has been operating since 1942 and carry an A+ grade from credit-rating A.M. Best.

According to CEO Adam Erlebacher, in speaking to ValuePenguin, Fabric Insurance:

Lets you apply for term life insurance online, without needing to go anywhere in person or deal with agents trying to upsell you more expensive products than you need. It takes about ten minutes and you can get an immediate decision without a health exam.

Products

Fabric Instant

Fabric Instant is the companies basic plan. They cover accidental death, such as automobile accidents, fire or murder, but exclude death by illness, suicide or participating in a riot.

The prices for the policy are tiered at $6 per month for $100,000 in coverage, $15 per month for $250,000 in coverage and $30 per month for $500,000 in coverage. Individual health does not impact acceptance, because the policy doesn't cover it. Some exceptions do depend on a state-by-state basis. For example, in Pennsylvania, military-related deaths and alcohol-related deaths are excluded.

Fabric Premium

The Fabric Premium policy is a life insurance policy which, unlike Fabric Instant, covers death caused by illness. The exclusions to this policy are suicide, regardless of mental state at the time of death, and misrepresentation on application.

Fabric Premium is a term life insurance policy, with offered terms of 10, 15 and 20 years with coverage up to $5 million. The term and amount can be modified by the user to best budget.

In some cases, applications for Fabric Premium will require a secondary review to ensure qualification and a blood test before Fabric will offer the user a policy. The test will impact Fabric's calculation of an individual policy's cost and coverage. However, there are no health-related exclusions.

Fabric Will

Fabric Will is a free-to-use service which allows a user to put together their last will and testament. They also offer spouse's a "mirror will" where wishes shared between can be easily copied.

Through Fabric Will, a user can appoint a guardian, name a beneficiary, name an executor and name any final arrangements. Fabric will also share the will with those named so they know where to find the will.

Fabric Vault

Fabric's second free-to-use service allows partners to create a map of their finance's. Through Fabric Vault, users can share their financial data, including their bank, investments, 401(k), life insurance and other accounts, along with any login information necessary to access the accounts.

Funding

Seed Round

In March 2017, Fabric Insurance raised $2.5 million. Bessemer Venture Partners led the round which included Box Group, Brainchild, Maveron, Red Sea Ventures and RGAx.

Series A

Fabric raised $10 million in June of 2018. Bessemer Venture Partners led the round which included participation from RGAx and Silicon Valley Bank, which provided a credit facility.

Timeline

Funding rounds

Funding round
Funding type
Funding round amount (USD)
Funding round date
Investment
Fabric funding round, June 2018
Series A round
10,000,000
June 2018
Bessemer Venture Partners
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People

Name
Role
LinkedIn

Adam Erlebacher

Founder

Andy Miccolis

Employee

Charles Birnbaum

Investor

Charlie Bluehawk

Employee

Farron Blanc

Investor

James Greene

Employee

JS Cournoyer

Investor

Julian Direen

Employee

Julian Marinus

Employee

Misha Gopaul

Founder

Natasha Govender

Employee

Nishant Mani

Employee

Robert Gaal

Investor

Scotty Eckenthal

Employee

Steven Surgnier

Founder

Wayne Congar

Employee

Yuriy Dybskiy

Employee

Further reading

Title
Author
Link
Type
Date

Documentaries, videos and podcasts

Title
Date
Link

Fabric's Adam Erlebacher: 'No one wakes up thinking about how to buy life insurance'

September 8, 2019

How Fabric Works

March 15, 2017

Companies

Company
CEO
Location
Products/Services

References

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