Dayforward, a digital life insurance company built for modern families, has acquired Commercial Travelers Life Insurance Company and secured $25m of funding.
The acquisition, Dayforward said, coincides with launching its innovative life insurance solution.
The company also announced a $25m round of funding led by AXA Venture Partners, with participation from existing investors including HSCM Ventures, Juxtapose, and Munich Re Ventures.
Dayforward was founded in 2021 with the mission to help families across the US create financial security for the people they love.
Its term life insurance offering guarantees the policyholder’s family will continue to receive their income in the event that the policyholder passes away.
The latest round of funding round brings the company’s aggregate amount of capital raised to $45m.
Dayforward said this will allow it to invest in three key areas in 2023: scaling its business nationwide, continuing to launch its proprietary solutions through strategic partners, and developing new insurance products for its portfolio.
The acquisition of Commercial Travelers Life Insurance Company (CTLIC), Dayforward said, will enable it to expand nationally and broaden its product lines across life, health, disability and retirement, making the company a more comprehensive financial security solution to its customers and partners.
Aaron Shapiro, Founding CEO of Dayforward, said, “Today, families go through great difficulty to get the financial security they need. Life insurance can be a tedious and confusing process.
“We’ve made life insurance simple and easy to buy, with smarter coverage for families. We’re excited that we can now offer life insurance through Dayforward to families across most of America, with the rest of the country soon to follow.”
In November last year, FOXO Technologies, a technology company applying epigenetic science and AI to modernise the life insurance industry, partnered with life insurer Haven Life to expand its footprint.
Copyright © 2023 FinTech Global