A relatively fresh insurtech on the scene, iLife was founded in 2019 by CEO Nelson Lee. Bringing together a team of engineers, mathematicians, and entrepreneurs, Lee wanted to help finance professionals increase revenue, decrease costs, and provide a better customer experience (CX).
iLife hones in on the life insurance market and aims to make buying and selling it as easy as possible. It accomplishes this through a unique digital platform featuring over 60 million collected data points from leading carriers. Product information can then be analysed by iLife and compared to others in the market.
This highly transparent process provides customers with more choice and therefore builds stronger broker-client relationships, the company says.
Automating insurance sales
For brokers, iLife states that its platform eliminates the need for ‘cold calls’ and the frequent rejection that such approaches generally entail. It offers the following benefits:
- Real-time lead referral systems
- Automated digital presentations of key information to clients
- Expedited underwriting
- Up to a 90% reduction of operating expenses
iLife’s platform is available in three distinct packages, each with different features and associated monthly cost:
iLife raises $4mn
The company’s seed funding round closed on 14 June and netted a total of $4mn. Led by prominent investment firm Foundation Capital and also featuring Cherubic Ventures, as well as others, this new capital brings iLife’s total raised to $5mn.
Speaking to the Los Angeles Business Journal, Lee said of the company’s $99.99 Professional package that it was “cheaper than hiring 50 software developers. We don’t want to talk to a bot when we buy a policy. Neither do you want to get stuck with a person coming to your home wearing a suit. Neither is enjoyable.”
“We don’t ever interact with consumers. Our software is sold directly to insurance agencies and brokerages. If the website has a browsing capability, and there is a live chat, that is likely powered by us.”
Lee’s comments reflect both the power of modern automation tech and the shifting consumer preference for fast, digital, and online services. As the development of this form of CX continues, brokers who stick rigidly to traditional methods could find themselves increasingly at a disadvantage.
Image source: iLife