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Tapping Into Insur-Tech For Creating Generational Wealth

By CultureBanx Team

  • Black families have the highest rate of life insurance ownership among all racial groups at 56%, compared to 52% for the total U.S. adult population
  • Serial founder and motivator Shawn Meaike is empowering entrepreneurs like  former NFL stars Zay Jones and Shawn Merriman in the insur-tech space

Insur-tech, is pivotal in reshaping financial opportunities for marginalized communities who have contended with inadequate access to insurance services vital for wealth transfer. This intersection of insurance and technology has prompted Shawn Meaike, motivator and founder of Family First Life Insurance, along with Punch Me In The Face Media, to empower entrepreneurs in the insur-tech space with the information needed to build multi-million dollar businesses while strengthening their communities. With 52% of the total U.S. population owning life insurance, there is a burgeoning opportunity for insur- tech to democratize financial inclusion and secure generational wealth.

Why This Matters: In the pursuit of financial inclusion, insur-tech is not just a business opportunity, it’s a societal imperative. “This ethos of inclusivity isn’t just a policy; it’s the very fabric of my professional philosophy. When queried about the most potent asset in my career, I invariably point to the diverse tapestry of people who’ve contributed to our collective success. Diversity, in my view, isn’t just a strength—it’s our most enduring and impactful legacy,” Meaike told CultureBanx.

Currently, Black families have the highest rate of life insurance ownership among all racial groups at 56%, compared to 52% for the total U.S. adult population. It’s important for people who want to use insur-tech to grow their wealth, that they continue to work with entrepreneurs who are from their communities and can relate to their core values. 

This aligns perfectly with Meaike’s entrepreneurial mentorship approach as he attempts to redesign the way the world operates, away from the scarcity mindset to one of abundance. He was able to grow his insurance company to $1 billion in as little as eight years.

Through his own entrepreneurial success Meaike has been able to play a pivotal role in inspiring 10 founders who have become millionaires and hundreds who are making  six figures across the insur-tech industry. Also, he has guided former NFL stars Zay Jones  and Shawn Merriman, along with a stalwart in the sector Eric Bodsworth, founder of Insurance Elevated to their own levels of success in the industry.

Inclusive Wealth: Nearly half of underserved households find themselves either unbanked or underbanked, a situation that can accumulate to almost $40,000 in fees over a lifetime. Insur-tech stands at the forefront of addressing challenges like these, by leveraging technology to offer more inclusive services and creating products that cater to the unique needs of underserved communities.

Meaike is a visionary who has seen firsthand the transformative impact of meeting families where they are, understanding their needs, and providing solutions that offer stability and security in times of uncertainty. “For instance, just a short drive from where I grew up reveals a stark contrast in financial preparedness—communities with access to life insurance versus those without. This observation fueled my commitment to extend these vital services to all households across America, regardless of their economic standing,” he said.

Diversity isn’t just about representation; it’s about leveraging unique perspectives to better serve our clients and ensuring that everyone has the opportunity to benefit from the financial security and peace of mind that life insurance provides. It’s about making a tangible difference in people’s lives and helping underserved entrepreneurs tap into the vast opportunities within the  Life Insurance & Annuities industry that was valued at $1.1 trillion in 2022, according to research firm IBIS World.

Situational Awareness: Insur-tech plays a significant role in wealth transfer, particularly within marginalized communities. Tailored financial and entrepreneurial guidance is crucial and Meaike’s approach extends beyond just providing life insurance; it’s about reshaping the ecosystem. Ensuring financial security for underserved families and fostering a diverse and inclusive workforce of self sustaining entrepreneurs are not just business strategies; they are a commitment to bridging gaps and creating a more equitable society.

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