Australia-based Integrity Life has closed its Series B round on $43m, which will support the development of its products.
The majority of the investment capital was supplied by institutional funds managed by Schroder Investment Management and existing backers Leadenhall Capital Partners and Daido Life. Smaller capital packages came from unnamed Australian and international investors.
Capital from this round will be used to support the expansion of operations and further the development of its digital-led insurance service.
Integrity Life launched in 2018 and now provides 60,000 customers with insurance policies. Its technology provides advisers and customers with a streamlined and transparent experience when finding protection.
Last year, Integrity Life claims to have become the first insurer to win an Australian Good Design Award, for innovative experience.
Integrity Life chairman Eric Dodd said, “Our ethos of ‘digital when you want it, human when you need it’ allows us to marry the convenience of technology with an empathetic approach that guides everything we do. In an industry that is crying out for innovation, we’re excited that this injection will enable us to bring more Australian firsts and step-change improvements to both the financial adviser and customer experience.”
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