Community and regional financial institutions can offer account holders embedded life insurance, increased financial security, and innovative deposit products

New York, New York--(Newsfile Corp. - September 17, 2024) - Wysh Life and Health Insurance Company, an AM Best A- rated insurance carrier offering innovative financial protection solutions, today announced that its embedded Life Benefit product is now accessible through the Jack Henry™ digital banking platform.

Wysh leveraged the Banno Digital Toolkit™, the same set of APIs the Banno Digital Platform™ is built on, to embed its technology into the digital experiences offered by community and regional financial institutions. Access to Jack Henry's API, design, and authenticated frameworks has enabled Wysh to directly integrate Life Benefit into the digital banking platform, providing a seamless banking experience. This integration contributes to Jack Henry's growing ecosystem of over 1,000 fintechs, providing approximately 7,500 financial institutions with relevant financial products and services for their account holders.

Life Benefit is a groundbreaking solution that embeds micro life insurance coverage equal to 10% of an account holder's deposits, up to $10,000, providing protection directly to their account upon the holder's death. With no opt-in, sign-up, or underwriting required, Life Benefit extends life insurance protection to demographics that have been historically overlooked due to pre-existing conditions or adverse financial histories. This innovative product helps banks and credit unions attract diverse, younger members, address net interest margin compression, and create new revenue streams through embedded affiliate programs.

"We're thrilled to join Jack Henry's fintech ecosystem and bring Life Benefit to more banks, credit unions and their members," said Alex Matjanec, CEO of Wysh. "Our experience with the Banno Digital Toolkit has been excellent, allowing us to seamlessly integrate our solution into the digital banking platform. This collaboration will enable community and regional financial institutions to offer a truly innovative and inclusive financial protection product that aligns with their values while improving deposit economics."

About Jack Henry™

Jack Henry™ (NASDAQ: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user centricity - offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For more than 48 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their account holders. We empower approximately 7,500 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health. Additional information is available at www.jackhenry.com.

About Wysh Life and Health Insurance Company

Wysh Life and Health Insurance Company is a wholly-owned subsidiary of Northwestern Mutual. Wysh offers innovative embedded protection solutions, including Life Benefit, which helps financial institutions attract, retain, and differentiate deposits while providing valuable coverage to members. By integrating seamlessly with financial platforms, Wysh is revolutionizing the way financial institutions approach member protection and deposit growth. To learn more about Wysh, visit wysh.com or contact press@wysh.com.

###

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223633