InsurTech Plum Life has closed a $5.3m seed round led by ManchesterStory to grow its agent-only digital life insurance platform.
MTech Capital, Sonostar Ventures and other investors also participated in the round.
Plum Life said this round of funding will position it to build upon its initial success attracting new insurance agents to its digital life insurance sales platform. The company will make several key hires, continue to enhance the platform and drive sales.
The InsurTech offers agents a fully digital selling experience which it said enables a quicker and more efficient life insurance sale. The platform manages the entire sales process from application submission to case management and commission reconciliation.
Plum Life said it is committed to reimagining how insurance is sold. Core to its belief is the idea that consumers need and want professional advice, and strongly prefer to work with those experts digitally.
Manish Bhatt, CEO, and co-founder of Plum Life, said, “Agents still remain the industry’s most dominant sales channel… By offering agents a simplified digital selling experience, we’re making it easy for them to sell life insurance and transact with their clients the way they want to work. It’s a win-win for everyone.”
Kevin McLoughlin, co-founder and Partner at MTech Capital, added that the life insurance sector has lagged behind property & casualty and health insurance in terms of InsurTech activity.
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