Modern Life, a tech-enabled life insurance brokerage for advisors, has exited stealth with $15m in seed funding.
Thrive Capital led the round with participation also from 12 unicorn founders from Hippo, Plaid, Reddit, Flatiron Health, Newfront, At Bay, Vouch, Cedar and Lattice.
Modern life was founded by seasoned FinTech veterans Michael Konialian and Jack Arenas. Konialian previously worked as vice president and general manager at CoverWallet, and Arena was previously co-founder and CTO of $900m-valued FinTech Petal.
The company aims to digitally streamline advisors’ practices and expert brokerage support by providing technology solutions to this end.
Leveraging Modern Life’s technology, advisors nationwide can compare quotes from top carriers in minutes, perform data-driven underwriting assessments, manage clients from an integrated dashboard and receive comprehensive deal support.
For advisors, the pandemic disrupted in-person meetings and medical exams, increased accelerated underwriting limits and resulted in the highest rate of new business growth in decades as mortality fears increased, Modern Life said. The company’s mission is to help advisors navigate these challenges and changing landscape and meet unprecedented demand.
Amongst Modern Life’s offering is an integrated dashboard allowing easy management and visibility of client submissions and back office administration for appointment and commissions, as well as a full suite of insurance suite of insurance products including permanent life, term life, long-term care and disability.
Ryan Pripstein at Thrive Capital said, “We firmly believe in Modern Life’s mission and its potential to significantly impact advisors nationwide along with their millions of clients. The life insurance industry is saddled with legacy technology. The result is that advisors, who are responsible for 90% of the industry’s distribution, are left operating without the tools they need.”
Assaf Wand, co-founder of Hippo and a Modern Life investor, added, “I have deep conviction in the potential for technology to transform the massive life insurance market given how broken the customer experience is today. The Modern Life team has the customer obsession, experience, and industry knowledge to execute on a huge opportunity.”
Earlier this year, FOXO Technologies, a technology company applying epigenetic science and AI to modernise the life insurance industry, entered into a definitive merger agreement with special purpose acquisition company Delwinds Insurance Acquisition Corp.
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