Dayforward Raises $25M and Acquires Travelers Life Insurance Company to Expand Life Insurance Offering Nationwide.

The premium life insurance company builds on its successful initial launch with a nationwide sales network, bringing financial security to families with innovative new products and technologies.

NEW YORK, January 23, 2023 /PRNewswire/ — Dayforward, the first digital life insurance company built for today’s families, announced today its acquisition of Travelers Insurance Company, a well-known insurance company founded in 1883. The acquisition coincides with the launch of Dayforward’s new life insurance solution in 38 states. Washington, DCwith national expansion by 2023. The company also announced a $25M funding round led by AXA Venture Partners, with participation from existing investors including HSCM Ventures, Juxtapose, and Munich Re Ventures.

Dayforward was launched in 2021 with the mission to help families across the country build financial security for their loved ones. Its new life insurance offering ensures that the policyholder’s family will continue to receive their income in the event of the policyholder’s death. The company’s latest round provides the company’s total capital $45Mwill allow Dayforward to invest in three key areas in 2023: increase its business nationwide, continue to promote its specialized solutions through special partners, and the development of new insurance products for its portfolio.

“Today, families are facing great difficulties to find the financial security they need. Aaron Shapiro, CEO of Dayforward. “We’ve made buying life insurance easier, smarter, and smarter for families. We’re excited to now be able to offer life insurance through Dayforward to families across much of America, and beyond. the country will soon follow.”

The acquisition of Commercial Travelers Life Insurance Company (CTLIC) will enable Dayforward to expand domestically and expand its product lines in life, health, disability and retirement, making the company a better financial solution to its customers and partners. Dayforward’s innovative technology and automated checkout process provide a best-in-class shopping experience where customers can fill out a simple application at online and get a quick result at a great price. Dayforward is also available through a growing number of partners across the country. Its policies are underwritten by Munich Re Life US, a member of the Munich Re Group, one of the world’s leading insurers. reinsurance, primary insurance and insurance issues.

“The day before a product-first, engineering life insurance now has the ability to distribute in many ways – direct, agent, and partners – almost in the country,” it said. Vikas Singhal, Founding Partner of HSCM Ventures. “As a fully integrated insurance company with a focus on automation and a front-end platform, Dayforward is positioned to innovate in key areas of the industry and seeks to bring unique products to the market meet the specific needs of customers. We are happy to partner with Aaron and the team.”

Dayforward is founded and led by senior executives from across the technology, marketing and insurance sectors. Shapiro was previously Founder and CEO of Huge, a digital transformation consultancy acquired by Interpublic Group and Director and CEO of Silverpop, a SaaS marketing platform sold to IBM. Matthew Wolf, Dayforward’s Head of Insurance Product and Actuary, was previously the Actuarial Lead at Haven Life, MassMutual’s new actuarial unit. Other authorities include the Head of Finance Zohaib Rathorebefore the Greatest Threat

Officers and CEOs of LogitudeRe; Zoe NolanHead of Operations, who previously worked with Shapiro at Huge and more recently as part of the leadership team at Havas; Austin Riendeau, Head of Technology, joined from Bitly; and Felicia McElhaneyHead of Underwriting, previously held underwriting leadership roles at National Life Group and Crump Insurance Services.

Dayforward’s Board of Directors also has a wide range of business expertise, including: Maria T. I want toformer Superintendent of the State of New York Department of Financial Services; Paul Rooneyformer Chief Executive Officer of Manulife; Elaine A. Sarsynski, former Chairman, President and CEO of MassMutual International; and Ronald Pressmanformer CEO of TIAA-CREF Institutional.

“Companies have been talking about the life insurance gap in the US forever. Dayforward is on a mission to help close this gap and bring financial security to millions of uninsured Americans through in rethinking the process of buying life insurance from the group to start with something new. product design, a modern way to educate and approach customers and provide a buying experience that is strengthened by the clean UI and data-based solutions. We are happy to be a part of their journey and partner with Aaron and the team in building a great company.” Said Manish Agarwal, General Partner at AVP.

“The life insurance industry is going through a big change and Dayforward is driving significant changes in the space. building the best products for the modern person, across all channels,” said Patrick Chun. , Founder and Managing Partner of Juxtapose. “We are excited to partner with Aaron and his team as they continue to redefine insurance products in the industry.”

Dayforward acquired Motorist Life Insurance Company from National Guardian Life Insurance Company after receiving all regulatory approvals. With the acquisition, Dayforward will continue to honor and service Commercial Travelers Life Insurance Company’s policies that include disability, accident, and other health products. Knut OlsonThe President & CEO of NGL stated: “NGL is pleased to have completed this transaction with Dayforward and wish them success in their endeavors. Our social purpose is to help more Americans first. planning and financing their funeral.”

For more information about Dayforward, visit www.dayforward.com.

About Dayforward

Dayforward is a digital life insurance solution built for modern families. As a full-service provider, Dayforward produces and distributes secure financial products that are easy to understand and purchase. The company was founded in 2020 with investments from AXA Venture Partners, HSCM Ventures, Juxtapose and Munich Re Ventures; all policies sold by Dayforward are underwritten by Munich Re Life US.

About AXA Venture Partners

AXA Venture Partners (AVP) is a leading global venture capital firm $1.2B assets under management. AVP funds early stage technology companies in the enterprise, fintech, consumer and digital health sectors. With internal offices Paris, London and New york, AVP helps international media companies. AVP also provides packaging companies with unique business development opportunities to accelerate their growth.

About HSCM Ventures

HSCM Ventures is the venture capital arm of Hudson Structured Capital Management Ltd., doing its reinsurance business as HSCM Bermuda (“HSCM”). HSCM is a registered investment advisor focusing on alternative investments in the Re/Insurance and Transportation sectors. Like September 1, 2022 HSCM is more than $3.5 billion in assets under management and committed capital. For more information on HSCM Ventures please visit www.hscmventures.com. For more information on HSCM please visit www.hscm.com.

About Munich Re Ventures

Munich Re Ventures is the investment arm of Munich Re Group, one of the world’s leading providers of reinsurance, primary insurance, and risk insurance. With more than $1 billion in assets under management, Munich Re Ventures invests in the most innovative start-ups changing the future of risk and risk transfer. MRV’s experienced investors manage funds but focus on Munich Re’s special plans and general insurance businesses. MRV works closely with Munich Re Group businesses around the world to finance and partner with the most emerging companies that are developing new and innovative technologies. Business trends – and risks – for tomorrow’s world.

About Juxtapose

Juxtapose is a growth-oriented investment firm focused exclusively on building businesses that transform businesses from the bottom up. Founded by Patrick Chun and Jed Cairo in 2015, Juxtapose Ventures has supported the creation and financing of technology companies, including health and technology businesses such as Care/of, Tend, Modern Age, Forme Financial, and Herself Health. Partner with the world’s most experienced and talented entrepreneurs to find and scale innovative technology companies that are positioned to win in the industries in which they operate. . Read more at juxtapose.com.

About NGLs

Founded in 1909 National Guardian Life Insurance Company (NGL) is a privately held insurance company. Madison, Wis. Licensed to do business in 49 states and the District of Columbia, NGL market demand and individual life and financial years, as well as commodity-based products. Information about NGL can be found at www.nglic.com; Facebook: Facebook.com/NGLIC and LinkedIn:
https://www.linkedin.com/company/national-guardian-life-insurance-company.

National Guardian Life Insurance Company is not affiliated with Guardian Life Insurance Company of America a/k/a The Guardian or Guardian Life.

SOURCE Dayforward

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