Amplify Life Insurance, a digital-first life insurance platform, has closed an investment round led by Munich Re Ventures (MRV).
The round also saw backing from Crosslink Capital, Greycroft, and Conversion Capital. The investment brings Amplify’s total funding to $25.1m.
Amplify’s digital platform offers customers the ability to invest in public markets with their life insurance premiums, accessing tax-efficient returns throughout their lifetime via a product that has been historically available primarily to affluent and more mature demographics.
The company’s digital interface provides customers with a customised policy based on their financial goals, risk tolerance, and underwriting risk profile. Customers can also choose how much of their premiums are invested in tax-efficient, high-growth investments and how much goes towards their life insurance coverage.
With built-in capabilities for expedited underwriting and policy delivery, Amplify said most its customers are able to get a life insurance investment policy within days and without a medical exam.
Additionally, Amplify has added former CEO and current president of Personal Capital, Jay Shah, to its board of directors.
Following the injection of capital, Amplify said it will further build the life insurance ecosystem needed to democratise permanent life insurance.
Hanna Wu, Co-founder and CEO at Amplify, said, “With Munich Re Ventures at the table, Amplify gains an industry leading investor whose insurance expertise is primed to propel Amplify through the next phase of growth.”
Ben Bergsma, investment Principal at Munich Re Ventures, said, “Amplify is using new and innovative digital-first distribution methods to bring the financial security and wealth generation possibilities of a Variable Universal Life Insurance product to a new, younger market. It is a privilege to be part of Amplify’s journey as they provide this powerful tool to the masses.”
Inclined, a FinTech aiming to help whole life insurance policyholders realise more value of their policies, recently raised $15m in Series A funding.
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