PriyaPatel
TLDR:
- Katapult has launched Katapult Layoff Insurance powered by Harmonic Financial to provide financial security for consumers in case of involuntary job loss
- Policyholders can receive up to $2000 in cash benefits by paying a low monthly fee, with immediate coverage upon enrollment
Katapult, an e-commerce-focused financial technology company, has introduced a new product called Katapult Layoff Insurance in partnership with Harmonic Financial Technology. This offering is designed to address the financial insecurity that many consumers face in the event of unexpected job loss. Through Katapult Layoff Insurance, policyholders can receive a cash benefit of up to $2000 if they experience an involuntary layoff. The coverage is accessible through Katapult’s mobile app and website, with immediate effect upon enrollment and a claim eligibility period starting after a 90-day waiting period.
Harmonic Financial, an embedded insurance provider, powers this innovative insurance product. Andrew Drake, the CEO and co-founder of Harmonic Financial, highlighted the strategic partnership with Katapult, emphasizing the importance of addressing consumers’ fears about losing their jobs and being unable to make payments. Orlando Zayas, the CEO of Katapult, expressed enthusiasm about the new offering, stating that income protection insurance directly addresses the financial vulnerabilities faced by many Americans experiencing involuntary layoffs. By offering this solution alongside their lease-to-own (LTO) option, Katapult aims to provide underserved consumers with the financial resources they need to navigate daily life.
In a rapidly evolving FinTech landscape, the launch of Katapult Layoff Insurance underscores the importance of addressing consumers’ financial concerns in times of uncertainty. By collaborating with Harmonic Financial, Katapult aims to empower consumers with financial security and peace of mind, offering a valuable solution to mitigate the impact of involuntary job loss.
