Q4 2025 Ethos Technologies Inc Earnings Call
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Please revise. That today's conference pre-recorded I would like to hand conference over to your first Speaker today. Aaron Turner head of investor relations. Please go ahead
Good afternoon and welcome everyone to ethos technology 4 quarter of fiscal year 2025 earnings call. We will be discussing the results announced in our press release issued after the market closed today,
With me today are ethos CEO, Peter cos and our CFO, Chris kaposi today's call is being webcast and will also be available for replay on our investor relations website and investors. Ethos.com
A slide presentation, a companies, this call and can be viewed in the event section of our investor relations website.
During this call, we will make forward-looking statements within the meaning of the federal Securities laws, including statements regarding our financial outlook for the first quarter and full fiscal year 2026.
Our expectations regarding financial and business trends.
Impacts from go to market initiatives, growth strategy, and business aspirations and product initiatives, including future product releases, and additional carrier Partnerships, and the expected benefits of such initiatives.
We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends.
These forward-looking statements are subject to a number of risks and other factors for a discussion of these risks in other factors. Please see the information under forward-looking statements in our financial results, press release issue today, and a presentation materials, as well as the more detailed discussion in our SEC filings available on our investor relations website and on the SEC website at www.sec.gov
Although we believe that the expectations reflected in the forward-looking statements are reasonable our actual results May differ materially all forward-looking statements May during this call are based on information available to us as of today. And we do not assume any obligation to update these statements as a result of new information or future events except as required by law.
In addition to the US, gaap financials, we will discuss certain non-gaap Financial measures. While the company believes these non-gaap Financial measures provide useful information for investors. The presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with gaap.
A Reconciliation to the most directly comparable us, gaap measures is available in the presentation. That accompanies this call, which can be found on our investor relations website. Now, let me turn the call over to Peter
Good afternoon everyone and Welcome to our fourth quarter 2025 earnings call.
At ethos, we are on a mission to protect families by democratizing access to life, insurance and empowering agents at scale. And I'm pleased to share that in Q4. We continue our strong execution,
We delivered 110.1 million dollars in Revenue, in Q4, representing a 65% year-over-year, Revenue growth.
And achieved adjusted ibida of 26 million and an adjusted ebit of margin of 23%.
We activated over 54,000 new policies. This quarter bringing us to over 500,000 policies activated through Q4.
We also ended the year with over 15,000 agents selling on our platform in 2025.
For the full year. 2025 we generated revenue of 388 million representing growth of 52%.
This marks our third consecutive year with growth over 50%.
We also generated a rule of 40 score of 75, demonstrating our ability to balance growth and profitability.
For those of you joining us for the first time and as a refresher for others, I'd like to share an overview of how ethos is transforming the buying selling and underwriting process of Life Insurance.
Our goal at ethos is to become the largest issuer of life insurance in the world. We built a vertically integrated platform. That owns the full consumer Journey from marketing and applications through underwriting policy issuance policy, Administration, and long-term servicing.
That control lets us deliver a level of speed, accessibility and approval rates that don't exist in the Legacy. Life insurance industry.
Process is hundreds of thousands of data points per application, leveraging, pharmaceutical records. Medical claims billing data and more.
the engine then applies over a million rules of logic and over 800, adaptive questions to make accurate risk, adjusted pricing decisions in real time,
Our 95% instant decisioning rate would be tremendously difficult to achieve without our proprietary engine and logic IP developed over the previous 6 years.
Surrounding the engine is the industry's only natively Built 100% digital and modern vertically integrated technology platform.
Ethos draws, tremendous strength, and calm competitive mode from our application engine underwriting. Engine admin system payments and commissions, infrastructure, agent, operating system, unified data infrastructure and Ai and ml layers.
To achieve our 98% gross margin. We have leveraged those Ai and machine learning layers on top of our data infrastructure to deliver lead level Revenue predictions better agent, quality more accurate policy recommendations and automated fraud management that traditional carriers simply cannot replicate
Our mode is structural every application, engine underwriting decision, issued, policy retention event, and claim feeds back into our system.
More data, improves risk selection and better risk selection. Strengthens carrier performance.
Stronger, carrier performance. Expands take rates capacity and product breadth.
Simply put our platform gets better as it gets bigger.
Our advantage is a Cutting Edge, technology platform and years of structured underwriting data. Real time feedback loops and deeply integrated carrier relationships trained on our unified system.
A significant portion of our team are engineers and data scientists that shows up in the model.
Revenue scales without proportional headcount growth automation, expands margins and underwriting accuracy improves with data density.
Our 3-sided technology platform, serves serves consumers, agents, and carriers alike.
For consumers, ethos transforms. What can be an 8-week purchase process into as little as 10 minutes online.
We've removed the friction known invasive medical exams. No long Waits know endless coordination between multiple parties just a seamless tech-driven experience.
For agents, we transform their workflow, allowing them to sell policies instantly and accelerate their working capital cycle.
Our agent operating system transforms how agents sell life insurance and how agencies operate.
By digitizing the sales, ethos allows agents to focus on what they do best.
Building relationships and growing their business.
Agents can control the application or send clients a link to self-serve.
Agents use ethos to Market to their consumers, nurture, their pipeline sell instantly, track incentives and rewards, automate payments, and automate agency operations.
In the absence of 8, the ethos agent OS, agents are stuck using multiple unintuitive Legacy platforms.
For carriers, we deliver scaled incremental growth on modern technology and we prioritize their underwriting profitability above our own.
That is why these relationships are deep, long-term and expanding.
For many of our carriers ethos is their single largest source of New Life premiums.
We are proud of the 6 carriers we work with today. We've intentionally focused our carrier Network, which allows ethos to form stronger relationships with each carrier.
For ethos this translates into better pricing prioritization on the carrier's, it roadmap and faster product development.
Historically, we've introduced 3 to 4 new products a year. And in Q4, we brought 2 new products to Market with 2 new carriers, our accumulation index, universal life product with North American, Salmons targets, consumers, who are looking for protection, as well as investment features in their life insurance products.
We also launched a supplementary Health product with Aflac that allows us to provide additional coverage like cancer insurance.
Ecosystem, that fuels our growth.
Looking ahead we see 3 durable growth factors first growing, our ecosystem by bringing more consumers into our direct Channel and recruiting more agents to the platform.
second enhancing our platform by making agents more productive and increasing our share of their sales and third expanding our product portfolio to broaden our addressable Market
Ethos is a business that gets better as it gets bigger.
All 3 constituents on our platform benefit from our scale and extensible nature, delivering great Network effects.
Every new client improves our risk models climb and aging experience and marketing machine learning models.
Efficiency.
Better risk models improve pricing and unit. Economics for our clients, our carrier partners and ethos.
More scale and underwriting experience. Allow us to grow our product portfolio and carrier panel, delivering more value to clients and agents.
Platform captures and analyzes granular data across both the consumer and agent Journeys.
While the Legacy industry is hindered by on-prem technology and manual processes. Our end-to-end digital platform, fuels, a virtuous data cycle, that is spinning faster and faster.
As an example in 2023, it typically took around 3 weeks to reach statistically significant results in our product development and marketing experiments.
As of January 2026, it takes us as few as 3 days.
Panel delivering more value to clients and agents.
A broader product portfolio, both enables us to capture more of an agent sales and recruit different types of agencies.
This dramatically increases our testing velocity allowing us to run more experiments in parallel, iterate, faster and bring successful Innovations to Market with greater speed and confidence.
Our unified end to end platform captures and analyzes granular data across both the consumer and agent journeys.
While the legacy industry has hindered by on Prem technology and manual processes. Our end to end digital platform fuels, a virtuous data cycle that is spinning faster and faster.
This quarter's results prove that our 3-sided technology platform has strong product Market, fit, with consumers, agents, and carriers alike. With that. I will pass it to Chris for a review of our fourth quarter, 2025 Financial results.
Thanks, Peter and good afternoon everyone to begin. I'll review the highlights of our fourth quarter results.
As an example in 2023 it typically took around three weeks to reach statistically significant results in our product development and marketing experiments.
Then I'll outline our expectations with first quarter and the full year 2026 before opening up to your questions.
We concluded the fourth quarter, it consists in execution, across several key, strategic priorities.
As of January 2026, it takes us as few as three days.
This dramatically increases our testing velocity, allowing us to run more experiments in parallel iterate faster and bring successful innovations to market with greater speed and confidence.
Our financial results demonstrate both strong Topline momentum across our direct consumer and third-party channels and the earnings power of our platform.
Before reviewing the details of our results. I'd like to remind everyone that some of the financial measures and metrics that I'll discuss today, are presented on a 9 Gap basis.
This quarter's results prove that our three cited technology platform has strong product market fit with consumers agents and carriers alike with that I will pass it to Chris for a review of our fourth quarter 2025 financial results.
Which we believe provides additional insight into our performance.
With that in mind, let me walk you through the details behind our results.
In the fourth quarter, we delivered 110.1 million dollars in Revenue representing a 65% increase from the same period last year.
Thanks, Peter and good afternoon, everyone to begin I'll review the highlights of our fourth quarter results.
in our direct Channel, fourth quarter Revenue, increased to 74.2 million representing, 93% year-over-year, growth,
Then I'll outline our expectations with first quarter and the full year 2026 before opening up to your questions.
This performance was fueled by optimized.
Advertising spend and Innovation up and down, our vertical stack.
We concluded the fourth quarter with consistent execution across several key strategic priorities.
Our financial results demonstrate both strong top line momentum across our direct to consumer and third party channels and the earnings power of our platform.
by refining, everything from the initial user experience to our core underwriting algorithms, we've driven meaningful compounding improvements in our conversion rates,
Before reviewing the details of our results I'd like to remind everyone that some of the financial measures and metrics that I'll discuss today are presented on a non-GAAP basis, which we believe provides additional insight into our performance with that in mind, Let me walk you through the details behind our results.
In our third party Channel, fourth quarter Revenue was 35.9 Million representing a 27% increase over the same quarter last year.
This growth was driven by an increase in both active agents and revenue per agent.
In the fourth quarter, we delivered $110 $1 million in revenue, representing a 65% increase from the same period last year.
Moving to our non-financial metrics, we activated 54,714 policies in the fourth quarter.
Representing 42% year-over-year growth.
The average revenue for policy was 2,212.
In our direct channel fourth quarter revenue increased to $74 2 million.
Renting 93% year over year growth.
This performance was fueled by optimized.
The fourth quarter was also strong from an efficiency perspective, we recorded a contribution profit of 47.2 million. Representing a 43% contribution margin
Advertising spend and innovation up and down our vertical stack.
By refining everything from the initial user experience to our core underwriting algorithms, we have driven meaningful compounding improvements in our conversion rates.
As a reminder, we Define contribution profit as gross profit, Less sales and marketing expenses.
And our third party channel fourth quarter revenue was $35 9 million representing.
This includes agent payments and underwriting costs for non-activated policies. But excludes non-cash, stock-based compensation and allocated overhead.
Representing a 27% increase over the same quarter last year.
We continue to maintain a 2-month payback on variable costs, while prioritizing growth of contribution profit dollars.
This growth was driven by an increase in both active agents and revenue per region.
Moving to our non financial metrics, we activated 54714 policies in the fourth quarter.
By diversifying our product portfolio to reach, historically, underserved segments where maximizing the yield on every dollar of marketing, spend, and leveraging the fixed investments in our technology stack.
Representing 42% year over year growth.
Fourth quarter. Adjusted ibida was 25.8 Million. Representing a margin of 23%.
The average revenue per policy was $2012.
The fourth quarter was also strong from an efficiency perspective, we recorded a contribution profit of $47 2 million.
This quarter's performance, reflects our commitment to balancing growth and operational efficiency.
We remain focused on discipline spending and strategic investments in both of our go to market channels.
Renting a 43% contribution margin.
As a reminder, we define contribution profit as gross profit less sales and marketing expenses.
This includes agent payments and underwriting costs for non activated policies, but excludes noncash stock based compensation and allocated overhead.
As of December 31st 2025 our cash cash, equivalents and Investments totaled, 157.4 million. And we ended the year with a commission received by balance of 290 million, which we expect will convert to cash over the coming years.
We continue to maintain a two months payback on variable costs, while prioritizing growth and contribution profit dollars.
By diversifying our product portfolio to reach historically underserved segments, we're maximizing the yield on every dollar of marketing spend and leveraging the fixed investments in our technology stack.
Now, I'll walk you through our expectations for the first quarter and full fiscal year. 2026 for the first quarter of 2026, we expect total revenue in the range of 144 to 146 million at the midpoint this represents 53% year-over-year growth
We also expect adjusted evida in the range of 30 to 32 million.
Fourth quarter, adjusted EBITDA was $25 8 million.
Representing a margin of 23%.
This quarter's performance reflects our commitment to balancing growth and operational efficiency.
10 to 514 million at the midpoint this represents 32% year-over-year growth
We remain focused on disciplined spending and strategic investments in both of our go to market channels.
We also expect adjusted ebita in the range of 99 to 103 million.
As of December 31, 2025, our cash cash equivalents and investments totaled $157 4 million and we ended the year with a commission receivable balance of $290 million, which we expect will convert to cash over the coming years.
Now I'll walk you through our expectations for the first quarter and full fiscal year 2026 for the first quarter of 2026, we expect total revenue in the range of $144 million to $146 million at the midpoint. This represents 53% year over year growth.
In 2026, we're focused on driving sustainable growth. By further diversifying, our Revenue sources, specifically through the continued ramp of our new product lines, and the Strategic expansion of our third-party and direct consumer channels by deepening. Our brand recognition and leveraging the inherent efficiencies of the ethos platform. We are well positioned to capture significant Market opportunity. While meeting our profitability targets,
And with that, I'll turn the call over to the operator to begin the Q&A session operator.
We also expect adjusted EBITDA in the range of $30 million to $32 million.
For the full year 2026, we expect total revenue in the range of $510 million to $514 million at the midpoint. This represents 32% year over year growth. We also expect adjusted EBITDA in the range of <unk> $99 million to $103 million.
Thank you at this time. We'll conduct a question and answer session. As a reminder, to ask a question, you will need to press star 1 on your telephone and wait for your name to be announced to withdraw your question. Please, press star, 1 1 1. Again please stand live with a compiler of Q&A roster.
And our first question comes from a line of Eric Sheridan of Goldman Sachs and is now open.
In 2026, we're focused on driving sustainable growth by further diversifying our revenue sources, specifically through the continued ramp of our new product lines and the strategic expansion of our third party and direct to consumer channels by deepening our brand recognition and leveraging the inherent efficiencies of the ethos platform, we are well positioned to capture significant.
Thanks so much for taking the questions, and thanks for all the details in the prepared. Remarks may be too. If I can first Peter, what do you see as the biggest strategic priorities for the company? When you think about the way you've laid out the potential for Revenue, growth in 2026 that you're most focused on executing against uh to deliver against that Top Line.
<unk> market opportunity, while meeting our profitability targets.
And with that I'll turn the call over to the operator to begin the Q&A session operator.
Thank you at this time, we will conduct a question and answer session.
Performance. And then maybe the second question would be as you continue to scale the platform. What is the landscape? Like, in terms of deploying marketing dollars and earning a stable sizing return on marketing dollars as a growth stimulant for the business. Thanks so much.
A reminder to ask a question Tony to press Star one on your telephone and wait for your name to be announced to withdraw. Your question. Please press star one again, please stand myeloid composite Q&A roster.
Thanks for the question Eric. Um we're glad to be here. We're excited to uh be on this first earnings call with you all. Um,
And our first question comes from the line of Eric Sheridan of Goldman Sachs. Your line is now open.
Thanks, so much for taking the questions and thanks for all the details in the prepared remarks, maybe two if I can first Peter what do you see as the biggest strategic priorities for the company. When you think about the way you've laid out the potential for revenue growth in 2026 that you're most focused on executing against to deliver against that top line.
Performance and then maybe a second question would be as you continue to scale. The platform what does the landscape like in terms of deploying marketing dollars and earning a stable to rising return on marketing dollars as a growth stimulus for the business. Thanks, so much.
Thanks for the question Eric.
Glad to be here, we're excited beyond this first earnings call with you all.
First let's talk about our priorities for 2026 I'll talk about our.
First, let's talk about our priorities for 2026. I'll talk about our, um, kind of business as usual, priorities, and then AI, as well. Um, business as usual priorities, we have 3 very durable vectors for growth. The first is recruit more clients to the platform and recruit more agents to the platform. The second is make agents more productive, through optimizations, to the agent operating system. Um, and then the third is to broaden our product portfolio and enhance the value, uh, that we are delivering on a per product basis. And so when you look at our results over the past year, and when we think about the guidance that we provided going forward, all 3 of those vectors are are are really firing um with full cylinders. Uh so you know we're excited to just continue executing and doing a great job across all those. The second is really um, you know, uh taking advantage and uh implementing AI across
Kind of business as usual priorities and then AI as well.
Business as usual priorities, we have three very durable vectors for growth. The first is recruit more clients to the platform and recruit more agents to the platform. The second is make agents more productive through optimizations to the agent operating system.
And then the third is to broaden our product portfolio and enhance the value that.
That we are delivering on a per product basis, and so when you look at our results over the past year and when we think about the guidance that we've provided going forward all three of those vectors are really firing.
Every Vector of the company, uh, whether it's in, in which we have been doing for the past year, whether it's, uh, accelerating engineering analytics, marketing client service agent, Service fraud management, models agent quality automating, operations, internal tooling, and more um you know, this is really been a key driver behind our 98%, gross margins and our client satisfaction ratings. If you look at our NPS of over 70 you know, for the past year. So we think there's a lot more op opportunity to continue harnessing the power of AI and improve.
uh, second is first the landscape of uh, you know, efficient marketing dollars spend um,
With full cylinders.
We're excited just continue executing and doing a great job across all of those the second is really.
Yes.
Taking advantage and implementing AI across every vector of the company whether its in which we have been doing for the past year, whether it's accelerating engineering analytics marketing client service agent service broad management models agent quality <unk>.
<unk> operations internal tooling and more.
This has really been a key driver behind our 98% gross margins and our client satisfaction ratings. If you look at our NPS of over 70% for the past year. So we think theres a lot more opportunity to continue harnessing the power of AI and improve.
If you look at this past year, and if you look at our results in Q4, uh, you know, I I really think it's, uh, you know, an illustration where we were able to grow our Direct business in Q4 at at really an a, a i popping rate with uh, consistent year-over-year, direct to Consumer unit economics. And that's really The Virtuous data cycle spinning, um, at full speed where we are a business that gets better as we get bigger, our, uh, machine learning models that power power, our marketing become more intelligent, we're able to run more user experience, optimization tests that improve the conversion rates and efficiency. Uh, we are able to approve more people at better prices, as we get better at risk management with underwriting, we're able to
Second as far as the landscape of Ifs.
Efficient marketing dollar spend.
If you look at this past year and if you look at our results in Q4.
I really think it's.
You, an illustration, where we were able to grow our direct business in Q4 and really in a.
Negotiate better take rates or better client pricing, um, we're able to become more efficient at, uh, administrating clients, uh, and post-purchase. So really the machine is is getting more intelligent and more efficient as it gets bigger. The second, the second component of that is really, um, we have a diverse, uh,
Eye-popping rate with consistent year over year direct to consumer unit economics, and Thats really the virtuous data cycle spinning.
At full speed, where we are a business that gets better as we get bigger our machine learning models that power our marketing become more intelligent, we're able to run more user experience optimization tests that improve the conversion rates and efficiency.
The majority of our spend is in Upper funnel channels where the user is not looking for life insurance, like television, social media, radio, Etc. And that's great because those channels are really scalable at the right unit economics for us. Um,
so,
thank you.
We are able to approve more people with better prices as we get better at risk management with underwriting were able to negotiate better take rates were better client pricing.
Thank you. 1 moment for our next question.
In our next question, customer line of Ross. Sandler of Park. Lazy line is not open.
We're able to become more efficient at administrating clients and post purchase so really the machine is getting more intelligent and more efficient and as it gets bigger the second the second component of that is really we have a diverse.
Uh, great.
Peter, I was just curious. So the market seems very jittery around the AI topic, not as it relates to how you guys might be using it internally, but more how consumers, uh, you know.
Panel of marketing channels, where we're not overly overly reliant on any one given channel.
The majority.
<unk> of our spend is in upper funnel channels, where the user is not looking for a life insurance like TV, social media radio et cetera, and thats, great. Because those channels are really scalable at the right unit economics for us.
So.
Use agentic AI for research or prospecting uh in the process of of buying in various types of insurance including life insurance. So I was just curious like how are you guys thinking about the opportunity as it relates to uh, partnering or integrating with uh you know, third-party agentic AI services or um you know how you see this playing out?
Thank you.
Thank you our next question.
As it relates to to you know the the purchase funnel for buying life insurance in general. Thanks a lot.
And our next question comes from the line of Ross Sandler of Barclays. Your line is now open.
Yeah.
Great.
Yeah, thanks for us, it's a great, great question. Um, so AI is a huge opportunity for us to further accelerate both our growth and our profitability as a company. Um,
I was just curious so the market seems very jittery around the AI.
Not as it relates to how you guys might be using it internally, but more.
All consumers.
Use a gentle AI for research or prospecting.
You know, we have been and will continue to be. I think uniquely positioned to harness the advancing powers of AI really across all the dimensions of the business that that I spoke to earlier while doing. So, uh, you know, operating in a highly regulated industry,
In the process of buying and various types of insurance, including life insurance. So I was just curious like how are you guys thinking about the opportunity as it relates to.
Partnering or integrating with.
Third party, a genentech AI services or.
How you see this playing out.
if you just take a step back before we talk to the specifics of consumer behavior and online shopping carriers rely on really, you know, the the incumbent carrier uh set really relies on a disjointed mix of on premise and vendor managed systems built on top of a fragmented data infrastructure, which is oftentimes filled with low-quality, you know, and conflicting data.
As it relates to the <unk>.
Purchase funnel for buying life insurance in general Thanks, a lot.
Yes, Thanks, Ross, it's a great great question. So AI is a huge opportunity for us to further accelerate both our growth and our profitability as a company.
Conversely, because we have a native end. To-end, technology, platform with a Cutting Edge data infrastructure. It's really enabled us to embed Ai and ml across the entire business. Um,
and so I I think there's a lot more opportunity to continue harnessing the power of AI uh to improve
We have been and will continue to be I think uniquely positioned to harness the advancing powers of AI really across all the dimensions of the business that I spoke to earlier while doing so.
Operating in a highly regulated industry.
You just take a step back before we talk to the specifics of consumer behavior and online shopping carriers rely on really the incumbent carrier set.
Um, if you think about, you know, sales and marketing specifically, which consists for us of advertising, spend and aging commissions, it's our largest expense. And so if AI reduces the cost of distribution or changes, the medium in which life insurance is bought, as the leading dtoc to provider in the category, these ships and consumer Behavior, should uniquely be an accelerant to our growth and our margin expansion. Um,
Set really relies on a disjointed mix of on premise and vendor managed systems built on top of a fragmented data infrastructure, which is oftentimes filled with low quality and conflicting data.
Conversely, because we haven't needed end to end technology platform with a cutting edge data infrastructure, it's really enabled us to embed AI and ml across the entire business.
and I would say that our advantage isn't really, you know, just access to AI tools which are widely available. It's really a native platform years of structured underwriting data real-time feedback loops and deeply, integrated carrier relationships that are trained into a unified system.
And so I think theres a lot more opportunity to continue harnessing the power of AI to improve.
If you think about sales and marketing, specifically, which consistent for us of advertising spend in agent commissions, it's our largest expense and so if AI reduces the cost of distribution or changes the medium in which life insurances bought as the leading D to C to providers in the category these shifts in consumer behavior.
Uniquely be an accelerant to our growth and our margin expansion.
And I would say that our advantage isn't really just access to AI tools, which are widely available. It's really a native platform use of structured underwriting data real time feedback loops and deeply integrated carrier relationships that are trained into a unified system.
Um our mode is structural I would say every application engine underwriting engine issued policy retention event and claim feeds back into our system and it makes our Ai and ml models more intelligent and more efficient like simply put our machine gets better as it gets bigger. Um, we have specific initiatives related to Geo where we are maximizing that opportunity as a source of user acquisition and further, uh, building our brand as consumers use, uh, you know, llms for research. And we have, we are actively focused on um, integrating with these llms in the manner that you described, um, where I think, you know, we are most uniquely and best able to do that given
Are incredible. You know, native technology platform so
Thank you. 1 moment for our next question.
Our modus structural I would say every application engine underwriting engine issued policy retention event and claim feeds back into our system and it makes our AI and ml models more intelligent and more efficient like simply put our machine gets better as it gets bigger.
In our next question, comes from line of calling. Sebastian, with Barrett, your line is now open
We have specific initiatives related to <unk>, where we are maximizing that opportunity as a source of user acquisition and further.
Building our brand as consumers use.
Llm's for research and we have we are actively focused on integrating with these LMS in the manner that you described.
Where I think we are most uniquely and best able to do that given our incredible native technology platform.
Incrementally as you sort of roll out those additional products. So that would be helpful. Thank you.
Okay.
Thank you one moment for our next question.
Okay.
And our next question comes from the line of Class Sebastian of Baird. Your line is now open.
That's a great question. Colin, thanks for. Thanks for. Um, I'll I'll first talk about our guidance, then I'll talk about the specific products. So, you know, just important to understand our guidance philosophy. We ascribe, uh, very little Revenue in our forecasting to newer or less proven products. We, we really take a wait and see approach, um,
Great. Good afternoon, Thanks for taking my question.
I guess I am curious as you move into some of the more adjacent products. What you launched in Q4 as well as what's in the pipeline.
Curious how much is embedded in the outlook from from those new products, maybe how quickly they're ramping and then the additional investment necessary to.
From both a perspective of customer acquisition as well as backend data the data platform and <unk> integrations. There how much is required incrementally as you sort of rollout those additional products that would be helpful. Thank you.
That's a great question Colin Thanks for thanks for it I'll first talk about our guidance then I'll talk about the specific products. So just important to understand our guidance philosophy, we ascribed very little revenue in our forecasting to newer or less proven products, we really take a wait and see approach.
It's early days for both of the products that we launched in Q4 as a reminder, we launched a new accumulation index Universal life insurance product and we launched a cancer insurance product.
It's early days, for both of the products that we launched in Q4. As a reminder, we launched a new accumulation index universal life insurance product and we launched a cancer insurance product. Um, we are seeing healthy agent, adoption of our accumulation, iul product. That is a permanent life insurance product with a compelling investment feature, performance and the same incredible ethos 10-minute purchase process. So we're encouraged its early days, um, but we're excited for it to continue growing and compounding. Um, our cancer insurance product, it's really early Innings of testing and iteration. So I think it's too early to make a judgement call on its potential while cancer insurance is not typically sold outside the workplace in the US. We think it's a compelling value proposition given the rate of cancer diagnosis. Um, you know, if you look at our our track record historically, we tend to launch around 3 to 4 new products per year. Um, our teams are actively working on, um, you know, new products with more in the pipeline. So,
We're seeing healthy agent adoption of our accumulation <unk> product that is a permanent life insurance product with a compelling investment feature performance and the same incredible. He says 10 minute purchase process. So we're encouraged it's early days.
We're excited for it to continue growing and compounding.
Our cancer insurance product, it's really early innings of testing an iteration. So I think it's too early to make a judgment call on its potential while cancer insurance does not typically sold outside the workplace in the U S. We think it is a compelling value proposition given the rate of cancer diagnosis.
Um, as far as the incremental investment needed, uh, when we launch a new product, uh, launching a new product can take anywhere from, uh, 4 months to, you know, uh, up to a year for the more complicated ones. And it's really a, a companywide effort across not only building that new product, but integrating it with our, um, Distribution Systems with all of our analytics and our our, uh, our infrastructure. So, uh, there there is incremental cost to launch each new product. Um, it's not, it's not massive, it's more the time and effort to do it, right. Um, uh, and, you know, set up these deep Integrations and build the relationships with our carrier Partners. So,
Thank you.
If you look at our track record historically, we tend to launch around three to four new products per year. Our teams are actively working on.
Thank you. 1 moment for our next question.
New products with more in the pipeline so.
Our next question comes from the line of Ron. Joie a city, your line is now open
As far as the incremental investment needed when we launch a new product.
Launching a new product can take anywhere from <unk>.
Four months to.
Up to a year for their more complicated ones and it's really a companywide effort across not only building that new product with integrating it with our.
Distribution systems with all of our analytics and our our infrastructure. So there is incremental cost of launching its new product.
Great. Thanks for taking the question. Peter, I wanted to better understand the 93% growth, indeed to see revenue from this past quarter. And I know we talked about sales and marketing and advertising the ability to really Target, but specifically, we would love your thoughts on just what changes were made to the product or the application path that that drove that in any insights on conversion rates because of these changes. So question number 1 is on the 93% growth in b2c and product changes that might be driving greater conversion rates. And then, you know, I think the the second durable Vector you mentioned the engage is more productive optimized through the agent OS.
It's not it's not massive it's more the time and effort to do it right.
And set up these deep integrations and build the relationships with our carrier partners. So.
We now have 15,000 agents on the platform. I think that's a notable step up from the last disclosure. So just talk to us about the drivers. That's attracting more agents to the platform here. Thank you.
Thank you.
Thank you one moment for our next question.
Our next question comes from the line of Ron Josey of Citi. Your line is now open.
Great. Thanks for taking the question Peter I wanted to better understand the 93% growth in DTC revenue from this past quarter and I know, we talked about sales and marketing and advertising the ability to really target, but specifically would love your thoughts on just what changes were made to the product of the application path that that drove that and any insights on conversion rates because of these changes so question number.
One is on that 93% growth in DDA.
That's a great question. Um, thank you so much Ron, so, our on the first topic, um, it really wasn't any 1, uh, change to the platform that drove that, uh, exceptional direct growth. Um, it was really the vertically integrated, uh, you know, up and down the cycle seeing gains. So we saw gains in efficiency of our marketing models. Um, as they've gotten larger, they've gotten more intelligent, we saw a number of, uh, you know, user experiment experiment improvements which are leading to, uh, you know, more people, buying life insurance.
Product changes that might be driving greater conversion rates and then I think the second durable vector you mentioned make agents more productive optimized through the HOS. We now have 15000 agents on the platform I think that's a notable step up from the last disclosure. So just talk to us about the drivers it's attracting more agents to the platform here. Thank you.
That's a great question. Thank you so much Ron so are on the first topic.
It really wasn't any one.
<unk> to the platform that drove that exceptional direct growth.
It was really the vertically integrated.
Up and down the cycle seeing gains so we saw gains in the efficiency of our marketing models.
We saw games in underwriting being able to approve, more people with better prices. So it it it's really up and down the the vertically integrated stack. I think, when you think about our Direct business in comparison, to a lot of other direct businesses, we benefit from having a very, uh, a very deep stack of real estate on which to optimize and there's, you know. Um, and so we've been able to really consistently improve our unit economics, um, and we expect to be able to go and forward, um, which allows us to then go and increase our marketing spend, you know, across a myriad of channels. And if you look at, you know year-over-year, we've increased marketing spend, really across the portfolio of of
As they've gotten larger they've gotten more intelligent we saw a number of.
User experience experiment improvements, which are leading to more people buying life insurance.
Marketing channels, both our upper funnel channels where people are not looking for life insurance as well as bottom of funnel channels where people are looking for life insurance and and within our category we're really winning in both of those uh in both of those parts of the advertising Market.
We saw gains in underwriting being able to approve more people with better prices. So it's really up and down the the vertically integrated stack I think when you think about our direct business in comparison to a lot of other direct businesses, we benefit from having a very.
A very deep stack of real estate on which to optimize and theirs.
And so we've been able to really consistently improve our unit economics.
And we expect to be able to going forward.
It allows us to then go and increase our marketing spend.
Across a myriad of channels and if you look at year over year, we've increased marketing spend really across the portfolio of marketing channels. Both our upper funnel channels, where people are not looking for life insurance as well as bottom of funnel channels, where people are looking for life insurance and within our category, we're really winning in both of those.
And both of those parts of the advertising market.
Drivers of agent growth to the platform, it's really a combination of.
Business. Um, it's a highly reoccurring model where we benefit, not only from the new agencies but the more tenured Partners on the platform, right? When we add a new partner, they will ethos out to their existing agents and then those agents repeatedly, sell policies. And that agency is constantly recruiting more. New agents onto the platform at no incremental cost to us. And then ethos can make those agents more productive, through enhancements to our operating system. And then ultimately we uh, attempt to grow our share of that agency sales by broadening and enhancing our product portfolio. And so if you look at this past Year's results, we saw uh excellent growth both in the more tenured cohort of agencies as well as productive new agencies, who are joining the platform.
Great. Thank you, Peter.
Adding new agencies and growth of our more tenured agency partners and if you think about our agency business.
Thank you. 1 moment for our next question.
It's a highly reoccurring model, where we benefit not only from the new agencies, but the more tenured partners on the platform right. When we add a new partner they roll ethos out to their existing agents and then those agents repeatedly sell policies and that agency is constantly recruiting more new agents onto the platform at no incremental.
Our next question, comes online of Lee Horowitz of doors Bank. Your life is not open.
Cost to us and then ethos can make those agents more productive through enhancements to our operating system and then ultimately we.
Great, thanks for taking the questions. Um, so you mentioned sort of impressive unit, economic stability in the quarter despite the really fast growth in the view business, I guess. Can you stand up on that and how you're looking at perhaps Union economics on a go forward basis? Hi, this is maybe not the right time to lean into growth, given sort of the competitive landscape that you're playing against as a, you know, only scale digital player left in the market and then, secondly, um you know there's certainly some opportunities to
Attempt to grow our share of that agency sales by broadening and enhancing our product portfolio and so if you look at this past year's results. We saw excellent growth both in the more tenured cohort of agencies as well as productive new agencies, who are joining the platform.
To expand the monetization of the platform, over the longer term into perhaps some more traditional recurring revenue streams. Because how are you thinking about that opportunity set and where, that may fit, and sort of your list of many priorities as you, uh, grow your business.
Alright, Thank you Peter.
Thank you one moment for our next question.
It's a great question, Lee. Thanks for asking it. Um so I'll I'll start on
Our next question comes from the line of Lee Horowitz of Deutsche Bank. Your line is now open.
Great. Thanks for taking the questions. So you mentioned sort of impressive unit economic stability in the quarter. Despite the really fast growth in the DTC business I guess can you expand upon that and how youre looking at perhaps unit economics on a go forward basis.
Maybe not the right time to lean into growth given sort of the competitive landscape that you're playing against us.
<unk> scaled digital player left in the market and then secondly, there's certainly some opportunities to expand the monetization of the platform over the longer term and to perhaps to more traditional recurring revenue streams.
How are you thinking about that opportunity set and where that may fit in sort of your list of many priorities as you grow your business.
It's a great question Lee Thanks for asking it.
So I'll start.
And how we think about the right balance between growth and profitability in our direct business.
How we think about the right balance between growth and profitability in our Direct business. Um, if you take a step back but really the standard that we hold ourselves to is whether or not we're, uh, selling through our, our Direct business or our third-party business and whether or not we're selling a term or a whole life or an index universal life product. We really attempt to uh, be cash profitable by month 2 of the policies life cycle. Right? And so we we have a very efficient working capital cycle and we build up a contribution margin over that life of the policy. And so, you know, we we take that in, uh, we think about that as a constraint to the growth model in all direct businesses unit unit. Economics are the governor and so, we're looking at how efficiently can we grow at, you know, the standard of unit economics that, uh, that we want to achieve. Um, so that's how I would think about. Just generally, you know, the, the the rate at which we, uh, grow
If you take a step back that really the standard that we hold ourselves to is whether or not we're selling through our direct business or our third party business and whether or not we're showing a term or a whole life and index Universal life product, we really attempt to be cash profitable by month two of the policies lifecycle.
Our advertising spend and remember, we're constantly improving our platform improving unit economics, which then allows us to increase advertising spend or bench, higher unit, economic, you know, gains. Um,
Right and so we have a very efficient working capital cycle, and we buildup of contribution margin over the life of the policy and so.
As far as uh our Revenue model we don't have any uh near-term plans to change uh uh to change it. We're really focused on becoming the largest issuer of life insurance, and it's an incredibly important Market, uh, where we have a unique opportunity in advantage.
We take that in.
Think about that as a constraint to the growth model in all direct businesses unit unit economics, or the governor and so we're looking at how efficiently can we grow at the standard of unit economics that that.
That we want to achieve.
So that's how I would think about just generally.
Um, by virtue of having Built This Modern digital, you know, machine that, uh, is vertically integrated, that is a 3-sided platform. Delivering, incredible value, proposition to clients agents and carriers. And so we're accumulating great momentum and advantage in this market. And, and that's really our Focus going forward at this point.
The rate at which we grow our advertising spend and remember we're constantly improving our platform improving unit economics, which then allows us to increase advertising spend or bench higher unit economic gains.
Thank You. 1 moment for our next question.
And our next question comes from the line of Michael McGovern of Bank of America. Your line is now open
As far as.
Our revenue model, we don't have any near term plans to change.
To change it we're really focused on becoming the largest issuer of life insurance and kitchen incredibly important market.
We have a unique opportunity and advantage.
By virtue of having built this modern digital machine that is vertically integrated that has a three sided platform delivering incredible value proposition to clients agents and carriers and so we're accumulating great momentum and advantage in this market and that's really our focus going forward at this point.
Hey, thanks for taking my questions. I have 2 first. Could you speak to your carrier relationship Dynamics? Underpinning guidance, for the full year of 2026, you know, like for example, do you have any multi-year contracts that might be coming up and there's any assumptions around the negotiations or anything, on that front and then secondly, could you speak to kind of the relative strength in your Revenue growth? Guidance, in q1 relative to the full year? You know, are there any assumptions throughout the second half of the year that change relative to q1? Thank you.
Hey Mike, thank you for the question. Um,
<unk>.
Yeah.
Thank you one moment for our next question.
Yeah.
And our next question comes from the line of Michael Mcferran of Bank of America. Your line is now open.
Hey, Thanks for taking my questions I have two.
First could you just speak to your carrier relationship dynamics underpinning guidance for the full year of 2026, yes. Like for example, do you have any multiyear contracts that might be coming up and there is any assumptions around the negotiations or anything on that front and then secondly could you just speak to kind of the relative strength in your.
Our revenue growth guidance in Q1 relative to the full year are there any assumptions throughout the second half of the year that change relative to Q1. Thank you.
Hey, Mike. Thank you for the question.
Our carrier partner contracts are typically evergreen I wouldn't think about any.
Material upcoming negotiations that are influential in our guidance.
You know, if you think about our existing panel of carrier Partners there's much more demand and capacity for ethos premiums than there is supply of ethos premiums today. Um, now we don't want a panel of 30 off-the-shelf carrier products. We've intentionally built a focused panel of carriers where we really work to co-develop custom proprietary products with deep Technical and operational Integrations, uh, from the carriers into our unified platform importantly, scale with our partners provides, ethos the necessary position in negotiating. The economics we have today and that scale in the relationship, puts our priorities at the front of the carrier's. It and operational road maps where we often have to dislodge some other important work on their road map, related to maintaining a legacy system or some other initiative. They have
If you think about our existing panel of carrier partners. There is much more demand and capacity for <unk> premiums than there is supply of ethers premiums today.
Now we don't want a panel of 30 off the shelf carrier products. We've intentionally built a focused panel of carriers, where we really work to co develop custom proprietary products with deep technical and operational integrations from the carriers into our unified platform importantly scale with.
Now, when the 10K flips in the near future, you'll see our carrier concentration disclosure declined by around 10%. Each point within our, existing 6 partners and we built a considerable amount of redundancy into our business, among our 10 products in the portfolio, given that we have multiple products in multiple categories.
It's also important to remember that in our contracts. We typically have an extended notice of cancellation, period. Um, that lasts, well, beyond the time that's required for us to build a new product with a new carrier.
Our partners provides ethos the necessary position in negotiating the economics, we have today and that scale on the relationship puts our priorities at the front of the carriers and operational Roadmaps, where we often have to dislodge some other important work on their roadmap related to maintaining a legacy system or some other initiatives.
So we expect to continue building more products with more Partners in the future and we're very happy with our existing panel of carriers.
They have.
Now when the 10-K flips in the near future, you'll see our carrier concentration disclosures declined by around 10 percentage point within our existing six partners and we've built a considerable amount of redundancy into our business. Among our 10 products in the portfolio given that we have multiple products in multiple categories.
It's also important to remember that in our contracts, we typically have an extended notice of cancellation period.
That last well beyond the time, that's required for us to build a new product with a new carrier.
So we expect to continue building more products with more partners in the future and we're very happy with our existing panel of carriers.
And Mike in terms of the revenue guidance. The Q1 guidance reflects very strong operational momentum that we've carried into 2026 the.
And Mike, in terms of the, the revenue guidance, you know, the q1 guidance, reflects very strong, operational momentum that we've carried into 2026. Uh, the new policy activation in January, we're strong. February is pacing ahead of internal targets. So I think, you know, when we look Beyond q1, we continue to be very encouraged by the momentum of growth in the direct Channel. And as Peter noted, the contributions that we're starting to see, uh, from new agencies that we brought onto the platform in 2026 that are help, fueling Revenue growth. Uh, I'm sorry we brought on the platform in 2025, they're helping fuel Revenue growth here in 2026. Um, and I think you're you're seeing some of that confidence flow through, uh, these gains in in the full year Revenue guidance that we shared with you. You know, other things to think about just as you, you model Revenue throughout the year, you know, as we've noted in the past, our business does exist, a bit seasonality with q1 and Q4, uh, being our, our strongest quarters from a seasonal perspective and then 2 Q, uh, and 3 Q seeing uh, much less seasonal effects.
um,
The new policy Activations in January were strong February is pacing ahead of internal targets. So I think when we look beyond Q1, we continue to be very encouraged by the momentum of growth in the direct channel and as Peter noted the contributions that we're starting to see from new agencies that we brought onto the platform in 2026 that are fueling revenue.
Growth Im sorry, we brought onto the platform in 2025, they are helping fuel revenue growth here in 2026.
In terms of, you know, Revenue mix. Uh, you'll tend to see the Direct business index up, uh, here in the first quarter. You kind of think of it as like a 7525 split. And then, for the year, probably takes on a profile along the lines of a 2/3, 1/3 mix, uh, again weighted towards direct. Uh, but you know, very consistent. I think what you've seen, uh, in terms of our historic performance, uh, it really is, is what I informs our, our 2026 guidance.
Great. Thank you.
And I think youre seeing some of that confidence flow through these gains in the full year revenue guidance that we shared with you.
Thank you, 1 moment for our next question. Again, as a reminder to us the question, you'll need to press star 1 1 1 on your telephone.
Other things to think about just as you model revenue throughout the year as we've noted in the past our business does exhibit seasonality with Q1, and Q4 being our strongest quarters from a seasonal perspective, and then <unk> and <unk> seeing much less seasonal effects.
Our next question comes from the line of Pablo scenes and of JP Morgan. Your line is now open
In terms of revenue mix Youll tend to see the direct business index up here in the first quarter, you kind of think of it as like a 70 525 split and then for the year probably takes on a profile along the lines of a two thirds, one thirds mix again weighted towards direct.
But you know.
Very consistent I think what you've seen in terms of our historic performance. It really is what informs our 2026 guidance.
Um, hi, good afternoon. So first question, DTC sales have historically been a minor portion of overall industry sales and life insurance. So the question is, what is your long-term view of the opportunity here and are there differences of note between the customer security or 2 in DDC versus the customers that leg Legacy DDC providers have to start to be served. So that's question, 1. And then question 2 is about your uh, agency strategy. All right. So can you just talk about your strategy for adding agency partners? Uh, on the carrier side. It sounds like you're approaching the target category leaders for for specific verticals. Uh, which makes sense if you think about the growth impact, you want to deliver, but
Great. Thank you.
Uh, on the agency side, I'd be interested to hear about your thought process for selecting which agencies to partner with. Thank you.
Thank you Juan will move for our next question again as a reminder to ask a question you will need to press star one on your telephone.
Hi Pablo. Thanks for the great questions. Um,
on the first.
Uh, question about generally, what is our long-term view for direct? Um,
Our next question comes from the line of Pablo <unk> of J P. Morgan. Your line is now open.
I think that before ethos, um,
You know.
Hi, Good afternoon. So first question DTC sales have historically been a minor portion of overall industry sales in life insurance. So the question is what is your long term view of note maturity here and are there differences of note within the customers the carriers do in edp versus customers that legacy ETP providers have historically served so that's question one and then question two is about.
Direct was.
Your agency strategy right. So can you just talk about your strategy for adding agency partners on the carrier side. It sounds like you're approaching the target category leaders for specific vertical.
Which makes sense. If you think about the gross impact you wanted to deliver but.
scaled profitable unit economics in this category and, uh,
On the agency side I'd be interested to hear about your thought process for selecting which agencies to Parker.
Hi, Pablo Thanks for the great questions.
On the first question.
Question about generally when does our long term view for direct.
I think that before he says.
I think that if you fast forward the future, this Market could take a similar Dynamic to, uh, where the auto market, you know, the auto insurance Market. Uh, you know, went through over the last couple decades where you had a purely agent dominated High, uh, you know, High transactional, uh,
Sure.
Yes.
Uh, you know, friction heavy process.
Direct was.
Very difficult to do and our innovation is really up and down the entire stack by building a completely native technology platform by innovating and being able to accelerate underwriting by bringing elite level.
And a company like Geico or Progressive was able to make it simple and easy and online and over time, you know, direct went from a, you know, an insignificant part of the market to, you know, roughly half or a bit more than half of the market.
Execution.
I, I really think that ethos, um,
And go to market execution really has made it possible and Heath. This is really the first derma.
Demonstration of scaled profitable unit economics in this category and.
I think that if you fast forward the future this market could take a similar dynamic to where the auto market.
Auto insurance market.
Went through over the last couple of decades, where you had a purely agent dominated hi.
Hi transactional.
<unk>.
Friction heavy process.
You know, has the potential to deliver the same kind of transformation of the life insurance market and I think part of it, a large part of it is also going to be incremental to the existing market today. Um, so, you know, 1 of the things we love about the life insurance business is, it's highly reoccurring in that every year around 10 million Americans are going to buy life insurance, whether or not ethos exists, right? And they're pushed into that, uh, purchase journey by virtue of having, you know, new children getting married. Um, taking on a mortgage or debt having Health skiers watching their parents age. And Ethos is really the most efficient way for those families to get particular.
And a company like Geico or progressive was able to make it simple and easy and online and overtime direct went from a an insignificant part of the market to roughly half or.
A bit more than half of the market.
I really think that ethos.
Has the potential to deliver the same kind of transformation of the life insurance market and I think part of it a large part of it is also going to be incremental to the existing market today.
Protected and we're also the most efficient way for agents to sell. And so you know we're excited to continue, capturing both that large reoccurring demand, um and then we're also excited to protect families that wouldn't otherwise have gotten protected that year that because we make it so simple and easy and efficient. They're able to take a step that they, that, they otherwise wouldn't have taken through a more traditional High friction experience.
um,
One of the things we love about the life insurance business is it's highly reoccurring in that every year around 10 million Americans are going to buy life insurance, whether or not either success right and they're pushing to that purchase journey by virtue of having new children getting married.
Taking out a mortgage or debt, having health scares washing their parents age and if this is really the most efficient way for those families to get protected are also the most efficient way for agents to sell and so.
We're excited to continue capturing both that large reoccurring demand and then we're also excited to protect families that wouldn't otherwise have gotten protected that year that because we make it so simple and easy and efficient they're able to take a step that they otherwise wouldn't have taken through a more traditional high friction experience.
as far as how we go about, uh, you know, bringing agencies onto a platform, we try to be really thoughtful about which ones are going to be successful and appreciate our incredible value proposition for agents, which is a, uh, you know, very fast transactional velocity, right. The ability to to sell a policy in 10 minutes instead of taking um, you know, weeks to sell a policy that frees up so much time and space for them to go Prospect for clients and convince them to buy instead of case managing people through a bureaucratic process and then we we are paying agents very quickly as well which allows them to reinvest those commissions into prospecting and Lead buying to go find more clients.
As far as how we go about.
Bringing agencies onto our platform, we try to be really thoughtful about which ones are going to be successful and appreciate our incredible value proposition for agents, which is a.
So we we look for agents that really have a match with our transactional velocity that have a match for the products that we have in our portfolio and, um, the, the agent, uh, onboarding process. It, it's, it's a, a fairly organic process. I would say where it's typically an agency to agency, or agent to agent referral where someone says, Hey, I've had a great experience with ethos. I launched them in the past year and they now account for X percent of my sales and the Agents, uh, really love it.
Very fast transactional velocity right the ability to sell a policy in 10 minutes instead of taking.
so,
um,
A weeks to sell a policy that frees up so much time and space for them to go prospect for clients and convince them to buy instead of case managing people through a bureaucratic process and then we are paying agents very quickly as well, which allows them to reinvest those commissions into prospecting and lead buying to go find more clients.
So we're excited for that organic uh agency onboarding process to continue. Uh you know evolving the other thing I would say is that if you look at the latest index universal life product that we launched with a carrier partner, it's a first unique
So we look for agents that really have a match with our transactional velocity that have a match for the products that we have in our portfolio and.
The agent Onboarding process.
A fairly organic process I would say, where it's typically an agency to agency or agent to agent referral, where someone says hey, I've had a great experience with ethos I launched them in the past year and they now account for X percent of my sales and the agents.
Uh, distribution model for ethos, where it's a combined effort between the carriers distribution team and Ethos is distribution team of bringing it to Market. And so, how will benefit from that is, you know, uh, it will accelerate agents coming into the platform that that carrier might have a relationships with that. We previously have not served and so those agents are going to come into the agent platform, and we're going to do a great job serving them into that new accumulation index, universal life product. So,
Nice beer.
Really love it.
Thank you. I'm so no further questions at this time, I'll now turn it back to Aaron Turner for closing remarks.
So.
So we're excited for that organic agency onboarding process to continue.
Great. Thank you all for joining us today on our first, uh, call as a public company, and we'll speak with you all again, next quarter.
Evolving the other thing I would say is that if you look at the latest indexed universal life product that we launched with our carrier partner, it's a first unique.
Thank you for your participation. In today's conference, this concludes the program. You may now disconnect
Distribution model for <unk>, where it's a combined effort between the carriers distribution team and ethos is distribution team are bringing it to market and so how will benefit from that is.
It will accelerate agents coming into the platform that that carrier might have relationships with that we previously have not served and so those agents are going to come into the agent platform and we're going to do a great job serving them into that new accumulation index Universal life product.
Thanks Peter.
Thank you I'm showing no further questions at this time I'll now turn it back to Aaron Turner for closing remarks.
Great. Thank you all for joining us today on our first call as a public company and we will speak with you all again next quarter.
Thank you for your participation in today's conference. This does conclude the program you may now disconnect.
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