Life insurance brokerage Modern Life in US$15mn seed round
Modern Life, a tech-enabled life insurance brokerage for advisors, has launched with US$15mn of seed funding led by Thrive Capital.
The New York-based brokerage is offering end-to-end digital journey and data connectivity from advice to purchase, including data-driven underwriting assessments, instant quoting, and digital applications. Its integrated dashboard allows clients to easily see and manage client submissions as well as back office administration, like appointments and commissions. It has already secured 15 leading carrier partnerships and licenses for all 50 US states and is offering a full suite of insurance products including permanent life, term life, long-term care, and disability.
As well as Thrive Capital, the US$15mn seed round also saw participation from 12 unicorn founders from the likes of Hippo, Plaid, Reddit, Flatiron Health and At Bay.
Streamlining the life insurance process using technology
Michael Konialian, Co-Founder and CEO of Modern Life, says: “In our conversations with advisors across the country, we heard emphatically how challenging it is to get their clients life insurance coverage. From in-person medical exams and 50+ page application forms to countless client and carrier touchpoints, advisors face an arduous, opaque, and lengthy process — often more than a quarter long.
“We’re bringing the best of technology, data, and design to streamline the process end-to-end while still supporting large and complex risks. We are proud to support leading advisors as they navigate a new and dynamic industry landscape that is changing more rapidly now than at any point in the last 150 years.”
Ryan Pripstein, Head of Research at Thrive Capital, adds: “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. With its unique focus on the advisor, seasoned executive team, and breakthrough technology, Modern Life is uniquely suited to help these professionals serve their clients faster, easier, and more confidently.”
