Afficiency, an InsurTech aiming to transform the end-to-end life insurance buying process, has raised $7m in Series A funding.
The round was led by IA Capital Group with participation from Impression Ventures, SBLI and Western & Southern Financial Group. The round was significantly oversubscribed and brings the total raised by Afficiency to $10.2m.
Afficiency said the investment will help fuel its strategy to modernize the life insurance market, bringing 100% digital in-session life insurance products to agents, distributors, carriers, and other valued partners through custom integrations. With Afficiency’s API, partners can bring products into their native environments, and for those starting from scratch, Afficiency offers ready-made digital interfaces.
The InsurTech said that overnight, traditional distributors can empower their agents to sell digital insurance products that can be underwritten in seconds and sold in minutes, not days and weeks. Afficiency said it is enabling a new cohort of digital distributors such as FinTechs, who have never sold life insurance before, and InsurTechs.
Mark Scafaro, CEO and co-founder of Afficiency, said, “At Afficiency, we’re on a mission to provide the sellers of life insurance more relevant products and an easier purchasing experience for their clients, and we’re passionate about overhauling the outdated life insurance buying process.
“This funding round will support us as we expand our partnership network, launch several new products and grow our team with the next generation of InsurTech talent.â€
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