Missouri-based underwriting platform iCover has raised an undisclosed amount of seed funding from a number of unnamed backers.
Founded in 2018, iCover is a digital service that enables insurers to sell, underwrite, and issue life insurance in 5 minutes, at a fraction of the typical cost they would pay. The company markets a cloud-based, algorithmic underwriting platform that helps insurers sell to the middle market.
The company uses data and predictive analytics to help its system quote, underwrite and deliver life insurance more quickly.
iCover has stated that it intends to use the newly raised funds to expand insurance distribution through a direct-to-consumer offering as well as increasing technical staff and expanding its sales and marketing efforts.
Alongside the funding, iCover has also entered a multi-year partnership with KSKJ Life. This partnership will enable iCover to onboard KSKJ’s full suite of products and help them digitise their new business processes.
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