Wells Fargo to Sell Centurion Life to Insurtech Bestow

Wells Fargo  (WFC) - Get Report is selling Centurion Life Insurance to Bestow, a Dallas insurtech startup that uses data and algorithms to sharply reduce the time required to buy life insurance, a media report said.

Terms weren't disclosed, according to Barron's, which reported the deal.

Centurion, Des Moines, Iowa, is licensed in 47 states. For several years it has been in runoff -- it's honoring current claims but not taking new business, Barron's reported.

“Consumers typically need four to six weeks to buy a life-insurance policy from an agent,” Melbourne O’Banion, co-founder and chief executive at Bestow, told Barron’s