Katapult Launches Katapult Layoff Insurance Powered by Harmonic
June 06 2024 - 8:00AM
Katapult Holdings, Inc. (NASDAQ: KPLT), an e-commerce-focused
financial technology company, announced the launch of Katapult
Layoff Insurance, powered by Harmonic today.
This new offering provides a cash benefit of up to $2,000 for
customers facing involuntary job loss. For a low monthly payment,
Katapult customers can secure this critical financial buffer,
enhancing their ability to navigate unexpected financial
hardships.
Katapult’s latest offering underscores the company’s continued
dedication to providing critical financial solutions to nonprime
consumers. Federal Reserve data show that 37% of US adults could
not cover a $400 emergency expense without assistance. Layoffs can
severely impact finances, and Katapult Layoff Insurance powered by
Harmonic, offers a safety net and peace of mind for those impacted
by a job loss.
“We selected Katapult as a strategic partner for our Layoff
Insurance program because they are very upfront and transparent in
dealing with one of consumer's biggest fears - losing their job and
being unable to make their payments,” Harmonic’s CEO and co-Founder
Andrew Drake said. “By offering Layoff Insurance to their
customers, Katapult gives their customers a chance to stop worrying
about one thing that isn't normally mentioned in an online
financial transaction - how are payments going to be made if the
customer loses their job?”
Customers can access Katapult Layoff Insurance through
Katapult’s mobile app and website. Enrollment is immediate, with
policyholders becoming eligible for a claim after a 90-day waiting
period. This enables customers to claim their benefits quickly and
easily by showing proof of eligibility for state unemployment
benefits.
Key features of Layoff Insurance include:
- Simple claims process: Fast receipt of funds
upon submission of required documentation.
- Flexible payout choices: Freedom to receive
the $2,000 payout via check or apply the benefit directly to a
Katapult lease.
- Supplements existing benefits: The payout is
in addition to government income assistance or severance.
- Continued Coverage Option: Customers can
choose to extend their insurance post-lease for uninterrupted
protection.
"We are excited to bring this new offering to our loyal consumer
base," said Orlando Zayas, CEO of Katapult. "Income protection
insurance directly addresses the financial vulnerabilities faced by
many Americans who are experiencing an involuntary layoff. By
opening up access to this new offering alongside our innovative
lease-to-own (LTO) solution, we continue to provide underserved
consumers with financial resources they need to power their daily
lives.”
Consumers interested in our new income protection insurance
product or unlocking financial purchasing power through
personalized lease-to-own plans can download the Katapult app in
the Apple App Store or Google Play. For more information on our
insurance or LTO offering, consumers can also visit our website.
Only those consumers who are currently a Katapult LTO customer or
those entering a new lease may participate in our new income
protection insurance plan.
If you are a retailer interested in directly integrating
Katapult’s LTO solution to boost your business and customer base,
please contact sales@katapult.com for more information.
About Katapult
Katapult Holdings, Inc. (NASDAQ: KPLT) is a technology driven
lease-to-own platform that integrates with omni-channel retailers
and e-commerce platforms to power the purchasing of everyday
durable goods for underserved U.S. non-prime consumers. Through our
point-of-sale (POS) integrations and innovative, mobile app
featuring Katapult Pay™, consumers who may be unable to access
traditional financing can shop a growing network of merchant
partners. Our process is simple, fast, and transparent. We believe
that seeing the good in people is good for business, humanizing the
way underserved consumers get the things they need with payment
solutions based on fairness and dignity.
About Harmonic
Harmonic Financial Technology integrates insurance services into
everyday products, leveraging scalable technology, customizable
user flows, and a robust compliance stack. This enables businesses
to embed insurance offerings into their services, helping consumers
secure necessary coverage and businesses to generate new revenue
streams. For more information, visit harmonicft.com.
Media Inquiries: Jennifer
Kull ir@katapult.com
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