fabric
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A new app called Fabric aims to make it simpler for parents to plan for their family’s long-term financial well-being. The goal is to offer parents a one-stop-shop that includes the ability to ability for term life insurance from their phone, create a free will in about five minutes, and collaborate with a spouse or partner to organize key financial accounts or other important documents. In addition, parents are able to coordinate with beneficiaries, children’s guardians, attorneys, financial advisors, and others right from the app.
Fabric was originally founded in 2015 by Adam Erlebacher, previously the COO at online bank Simple, and Steven Surgnier, previously the Director of Data at Simple. The company last year raised a $10 million Series A led by Bessemer Venture Partners, after having sold life insurance coverage to thousands of families.

Since launch, Fabric has expanded beyond life insurance to offer other services, like easy will creation and the addition of tools that help families organize their financial and legal information in one place. The idea, the company explained at the time, was to offer today’s busy parents a better alternative to meetings with agents to discuss complicated life insurance products. Instead, the company offers a simple, 10-minute life insurance application and the option to connect with a licensed team if they need additional help, as well as a similarly simplified will creation workflow.

As with the founders’ earlier company, Simple, which offered a better front-end to banking while actual bank accounts were held elsewhere, Fabric’s life insurance policies are issued by “A” rated insurer, Vantis Life, not Fabric itself.
However, until now, Fabric’s suite of services were only available on the web. They’re now offered in an app for added convenience. The app is initially available on iOS with an Android version in the works.
“Money can be especially stressful when you’re trying to build a family and a career,” said Fabric co-founder and CEO Adam Erlebacher. “In one survey by Everyday Health, 52% of respondents said financial issues regularly stress them out, and people between the ages of 38 to 53 were the most stressed out financially. Parents want to have more control over their families’ long-term financial well-being and today’s dusty old products and tools are failing them,” he added.
Using the Fabric app, parents can take advantage of any of its offerings, including the option to apply for life insurance from the phone and get immediate approval. The app also makes it possible to share the policy information with beneficiaries, so it doesn’t get lost.
Another feature lets you create your will for free, and share that information with key people as well, including the witnesses you need to coordinate with in order to finalize the will, for example. And a spouse can choose to mirror your will, which speeds up the process of creating a second one with the same set of choices.

Fabric also helps to address an issue that often only comes up after it’s too late or in other emergency situations — organizing both parents’ finances in a single place. Many working adults today have not just a bank account, but also have investment accounts, 401Ks, IRAs, and credit cards, or a combination of those. But their partner may not know where to find this information or where the accounts are held.
The app, which we put through its paces (but didn’t purchase life insurance through), is very easy to use. It starts off with a short quiz to get a handle on your financial picture. It then delivers you to a personalized homescreen with a checklist of suggestions of what to do next. Naturally, this includes the life insurance application, as this is where Fabric’s revenue lies. And if you’re lacking a will and have other fiances to organize, these are featured, too.

The online forms are easy to fill out, despite the smartphone’s reduced screen space compared with a web browser, and Fabric has taken the time to get the small touches right — like when you enter a phone number, the numeric keypad appears, for example, or the integration of address lookup so you can just tap on the match and have the rest autofill. It also saves your work in progress, so you can finish later in case you get interrupted — as parents often do. And it explains terms, like “executor,” so you know what sort of rights you’re assigning.

Given its focus, Fabric protects user information with bank-grade security, including 256-bit encryption, two-factor authentication, automatic lockouts, biometrics, and other adaptive security features.
Fabric isn’t alone in helping parents and others financially plan wills and more from their iPhone. Other apps exist in this space, including will planning apps from Tomorrow, LegalZoom, Qwill, and others. Plus many insurers offer a mobile experience. Fabric is unique because it puts wills, insurance, and other tools into a single destination, without complicating the user interface.
Fabric’s app is a free download on the App Store.
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Fabric, a personal journaling app that emerged from Y Combinator’s 2016 batch of startups, is relaunching itself as a Facebook alternative. The app is giving itself a makeover in the wake of Facebook’s closure of the Moves location tracker, by offering its own tool to record your activities, photos, memories and other moments shared with friends and family. But unlike on Facebook, everything in Fabric is private by default and data isn’t shared with marketers.
Instead, the startup hopes to build something users will eventually pay for, via premium features or subscriptions.
The idea for the startup came from two people who helped create Facebook’s core features.

Co-founders Arun Vijayvergiya and Nikolay Valtchanov worked for several years at the social network, where Vijayvergiya built the product that would later become Facebook Timeline at an internal hackathon. He also worked on products like Friendship Pages, Year in Review and On This Day, while Valtchanov developed integrations between Facebook and fitness applications.
After leaving Facebook, both were inspired to work on Fabric because of their interest in personal journaling – and that became the key focus for the original version of the Fabric app. But while other journaling apps may offer a blank space for recording thoughts, Fabric automates the process by pulling in photos, posts from elsewhere on social media, places you visited, and more, and put those on its map interface.

The longer-term goal is that Fabric users will be able to look back across their personal history to answer any kind of question about where they had been, what they did, and who they were with – but in a more private environment than what’s available on Facebook.
Facebook could have built something similar, but its focus has been more on how personal profile data could be useful to advertisers.
Despite numerous check-ins, posts where you tagged friends, shared photos and more, there’s still not an easy way to ask Facebook about that great Indian restaurant you tried last March, or who was on that group beach trip with you a few years ago, for example. At best, Facebook offers memory flashbacks through its On This Day feature (now available at any time via the Memories tab), or round-ups and collages that appear at various times throughout the year.
As a search engine for your own memories, it’s not that great.
What’s New
This is where Fabric comes in. It will automatically record your activities, checking you in to places you visit, to which you can then choose to add friends.
While the idea of automatic location gathering may turn off a good number of users, the difference is that Fabric’s data collection is meant for your eyes only, unless you explicitly choose to share something with friends.
Fabric doesn’t use third-party software for its location system – it’s written in-house, so the data is never touched by a third-party. It also uses industry standard encryption for data transfer and storage, and login information is stored in a separate system from the rest of your data as an added precaution.
Notably, Fabric doesn’t plan to generate revenue by selling data or offering it to advertisers for targeting purposes. Instead, the company hopes users will eventually pay for its product – perhaps as a subscription or through premium upgrades. (It’s not doing this yet, however.)
“The whole motivation behind Fabric is that many meaningful parts of your life do not belong in the public sphere,” explains Vijayvergiya. “In order to be able to capture these moments, user trust is essential and is something we have baked into our company culture. Internally, we refer to ourselves as a ‘private-first’ company. Everything on Fabric is private by default. You have to choose to include friends in your moments. We don’t share any data with marketers, and we don’t intend to share personally identifiable information with advertisers,” he says.
Since its 2016 release, Fabric has been downloaded 70,000 times by users across 117 countries, and has seen 112 million automatic check-ins.
The new version of the app has been redesigned to be something users engage with more often, as opposed to the more passive journaling app it was before.

The app now offers an outline of your activities, which it also calls Timeline. Here, you can add people, photos and memorable anecdotes to those automated entries. You can jump back to any day to see your history with any person or place that appears on the Timeline.
You can also turn any moment into one you collaborate on with friends, by allowing others to add photos and comments. That is, instead of broad post to a group of so-called “friends” on Facebook, you share the moment with those who really matter. This isn’t all that different from how people use private messaging apps and group chats today – in order to share things with people that aren’t necessarily meant for everyone to see.

In addition, Fabric allows you to add your friends to the app, so you can be automatically tagged when you both spend time together in the real world. This also simplifies sharing because you won’t have to think about which posts should be shared with which audience.
For instance, Vijayvergiya says, “this means you can add your mom as a friend, and only share with her the moments you spend together in the same place.”
The most compelling feature in the updated app may not be check-ins or sharing, but search.
In Fabric, you can now search for past events in your life similar to how you search the web. That is, you could type in “restaurant rome 2017” or “camila los angeles birthday” and find the matching posts, Vijayvergiya suggests. And because you can import your Facebook, Instagram, and Camera Roll to Fabric, it’s now offering the search engine that Facebook itself forgot to build. (You can import your Facebook Moves history, too, ahead of its shutdown.)
Fabric’s search will also be available on the desktop web, where it’s currently in beta.

Fabric’s real challenger, as it turns out, may not be Facebook, though. It’s Google Photos.
Because of advances in image recognition technology, Google Photos (and some other photo apps) have built advanced search capabilities that let you pull up not places, things, people, and more, using data recognized in the image itself. Users can also share those photos with others, collaborate on albums, and leave notes as comments.
The difference is that Fabric offers import from a variety of sources and encourages journaling. But that may not be enough to attract a large user base, especially when automatic check-ins rely on the app’s use of background location which has some impact on battery life.
Fabric is a free download on iOS.
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Ethos, the company that bills itself as making life insurance accessible, affordable and simple, has officially come out of stealth with an $11.5 million investment led by one of the world’s top venture firms, Sequoia Capital, and additional participation from the family offices of Hollywood’s biggest stars and an NBA all-star.
Jay Z’s Roc Nation, and the family funds of Kevin Durant, Robert Downey Jr. and Will Smith, all participated in the new round for Ethos, and Sequoia Partner Roelof Botha is taking a seat on the company’s board. Because nothing says star power like a life insurance startup.
The life insurance market is one that’s been attracting interest from venture investors for a little over a year now. Companies like England’s Anorak, HealthIQ, Ladder, Mira Financial, and France’s Alan, which is backed by Partech Investments (among others), Fabric and Quilt, are all pitching life insurance products as well.
Ethos is licensed in 49 states, which is pretty comparable to the offering from providers like Haven Life, the Mass Mutual-backed life insurance product.
What has made the life insurance market interesting for investors is the fact that consumers’ interest in it continues to decline. Whether it’s because no one trusts insurers to actually pay out, or because Americans are putting their faith in the anti-aging technologies from funds like the Longevity Fund, folks just aren’t buying insurance products the way they used to.
So when investors see the numbers of users of a formerly ubiquitous product decline from 77 percent in 1989 to below 60 percent in 2018, the assumption is that there’s room for new companies to come in and provide better service.
Scads of investors have taken the same bet, which makes Ethos a marketing play as much as anything else. In the company’s press release it touts the fast, easy and inexpensive process for getting a quote.
The initial process requires only four questions to get a quote and a 10 minute survey to get a policy (in most cases). The company says 99 percent of its applicants don’t need a medical exam or blood test to get a policy.
What may have been most interesting to investors is the pedigree of the company’s co-founders. Peter Colis and Lingke Wang have both worked in the insurance industry before. They previously co-founded a life insurance marketplace called, Ovid Life.
“Life insurance is critical for families, but the process is broken for those who want and need it,” said Peter Colis. “We are consumer advocates, intensely focused on expanding life insurance accessibility to the millions of U.S. families who have college debt, mortgages, spouses and children to care for, and who want to be financially empowered to live their lives without worry.”
Ethos founders Lingke Wang and Peter Colis
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Technology has made it simple to record and archive our digital memories through posts, snapshots, videos and more, but it can sometimes be a struggle to surface our past – our memories, activities and other experiences – in an easily accessible way. A new mobile application called Fabric, built by two former Facebook engineers, aims to solve that problem.
Co-founders Arun… Read More
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The product in question is MixChannel, an app created by Japanese social media company Donuts. MixChannel allows users to create… Read More
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