Ethos, a term life insurance provider in the US, is setting up an India office in Bengaluru with a vision to expand its technology innovation. Ethos’ India office will be focused on engineering, research and development, data analytics, data science and operations, with a significantly large business delivery team.
With almost 90 per cent instant approvals, Ethos said it has been growing at a significant rate and increasing its year-on-year momentum, and now aims to further expand its technology and product offerings by capitalising on the vast tech, IT and data analytics talent pool available in India. Headquartered in Austin, Ethos has set up offices in key technology and start-up hubs including San Francisco, Seattle and Singapore.
Ethos was founded with the goal to simplify estate-related decisions and provide life insurance online in the US. The company said it issued $13 billion in life insurance coverage last year and was valued at $2.7 billion in 2021. Ethos has raised over $400 million from a clutch of investors including — SoftBank Vision Fund 2, Sequoia Capital, Accel, GV (formerly Google Ventures); General Catalyst, Jay-Z’s Roc Nation, and the investment vehicles of Hollywood stars Will Smith and Robert Downey Jr. Its overall revenue and users are said to have grown by more than 600 per cent year-over-year in 2021.
Lingke Wang, Co-Founder and President, Ethos, said, “We are excited to start a multi-function facility here in the technology hub of India. A lot of our top leadership is from India and after extensive research, we decided to set up an office in Bengaluru, as the city is fast emerging as a center for exceptional talent. We believe that this office will be critical for our next growth phase. India is home to one of the largest tech and analytics talent pools, and we plan to set up a significant business delivery team here, as well as build a team of experts that will help transform the lives of millions through our mission of making life insurance accessible and affordable for all.”
Hitesh Gossain, General Manager-Growth and Strategy, Ethos India, said, “India’s start-up ecosystem and niche capabilities such as data science and analytics have gained global recognition. In a strategic move, Ethos has established its footprint in India through a full-stacked office in Bengaluru and has also looped in high-quality talent that will provide support in product innovation and improve customer experience. We are excited to set up the foundation with a strong team that brings in vast experience of working with some of the leading brands from the startup ecosystem. Our aim is to hire more aggressively throughout 2022 and build a team of top-notch experts who will contribute to almost 30 per cent of the global workforce for one of the fastest growing insurtech startups globally.”
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