Insurtech startup iLife Technologies has raised $17 million in Series A funding from Foundation Capital and insurance industry leaders, the company tells Axios.
Why it matters: After a correction in the direct-to-consumer insurtech market, investors are backing several startups that are building software tools for agents and carriers.
Taking news: iLife received new funding from Foundation Capital, along with venture capitalists Brewer Lane Ventures and SCOR Ventures.
- Brewer Lane was founded by John Kim, former president and chief investment officer of New York Life, while SCOR Ventures is the investment arm of global reinsurer SCOR.
How it works: iLife has developed a SaaS platform that allows insurance agencies to simplify the process of selling life insurance.
- Instead of using multiple pieces of software to manage sales and marketing transactions, it offers a single, connected front-end. be with customers, provide quotes from multiple carriers and create electronic applications.
Between the lines: iLife founder and CEO Nelson Lee joined the company after trying to build a consumer-facing marketing business, which to learn the pain points of the insurance agent.
- “I realized in my early career that being an insurance agent is very difficult because there are broken tools offered by ten carriers. You have to combine 19 different parts of the software to use it. ,” Lee said.
In numbers: Since launching in 2021, iLife has expanded the number of carriers it operates from two to 27, giving policyholders a wide range of insurance options to choose from.
- More than 11,000 members have already signed up, to pay a monthly payment for access to its SaaS platform, and is expanding to business sales for insurance agencies and carriers.
Details: GTMFund and OpenView Partners also participated in the A round.
- In total, the company has raised $21 million in funding from fintech and insurtech investors.