Jan 27, 2018
Online Marketplace Private Loans Insurtech Meets Fintech
TODAY'S GUEST
Michael VanErdewyk, ReliaMax Founder and CEO
HEMAR was started in 1986 as a private student loan insurance company. In 1996 Sallie Mae purchased HEMAR but HEMAR could only insure loans originated by Sallie. Mike started a workers compensation insurance company and worker compensation GMA in Sioux Falls, SD. Mike sold both companies in 2006 because he purchased HEMAR from Sallie Mae in 2006. The company went from an insurance company insuring private student loans to an online marketplace platform known as ReliaMax today.
Website lenders: ReliaMax (B2B)
Website consumers: FUTR
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WHYLISTENUP?
The High cost of student higher education year over year is more than $400 billion and it continues to increase with a fourth of students and their families funding their education from free grants and scholarships and quarter from federal student loans the other 200 billion is from family contributions which typically are funded from credit cards, personal loans retirement assets sometimes coming with penalty withdrawals, home equity loans todays entrepreneur and industry leader saw an idea, saw a great business and took action and we are going to ask him how he began executing on his goals and plans to build a solution to fill the necessary gap for students and families in this education loan niche an asset class called private student loans where fintech and insurtech come together.
What is so special about what today’s guest is doing well he sits in a unique spot where now he actually helps both lenders and students.
RESOURCES
Credible.com
Goldman Sachs - Marcus
Hemar - Kevin Mulan Co-Founder
Prudential Insurance Company
Sourabh Ahuja ReliaMax Chief Technology Officer and Executive
Director, Digital Transformation.
Glu Mobile
Nationwide Insurance Company
tags: private student loans, lending, insurtech, fintech,
refinance, consolidation loan
Employer Student Loan Assistance - Gradifi