iCover, a Missouri-based InsurTech that provides an algorithmic underwriting for life insurance companies, has raised $5m in Pre-Series A funding.
Founded in 2018, iCover describes itself as the first “plug and play” algorithmic underwriting platform in the InsurTech space.
The company’s proprietary underwriting framework comes with pre-configured guidelines and algorithms to score and price life insurance applications based on medical and non-medical data. By leveraging patent pending QUI™ technology and algorithmic underwriting, iCover quotes, underwrites, and delivers life insurance at the point-of-sale in under five minutes.
Kesan Parasuraman, a private investor who led iCover’s Seed round in August 2021, led the round.
iCover said it will use the capital raised to increase technical staff, expand sales and marketing, and bolster R&D efforts related to itsAI underwriting framework and private Blockchain network.
iCover is currently working with six insurance companies and launching an array of products that include, Income Protection, Final Expense, Term and Whole Life.
Hari Srinivasan, founder & CEO for iCover, said, “In terms of traction and momentum, 2022 has been a great year so far. Fast and accurate Point-of-Sale underwriting has become more relevant than ever before. With this capital infusion, we can fuel our sales and marketing efforts through 2023 and expand iCover’s Intellectual Property with increased R&D in the areas of AI and Blockchain.”
Last year, iCover raised an undisclosed amount of seed funding from a number of unnamed backers.
Alongside the funding, iCover also entered a multi-year partnership with KSKJ Life. This partnership will enable iCover to onboard KSKJ’s full suite of products and help them digitise their new business processes.
Another InsurTech looking to speed up the life insurance process is Policygenius. The tech-enabled platform for insurance shopping recently partnered with Impact Partnership to simplify and streamline term life insurance for Impact’s advisors and clients.
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