InsurTech iLife Technologies, a software platform that gives insurance agents and brokers the ability to create digital insurance agencies, has raised $4m.
According to a report from the Los Angeles Business Journal, the seed funding round was led by Foundation Capital, the Palo Alto-based venture capital firm that was an original investor in Netflix Inc.
The round also saw participation from Taipei, Taiwan-based Cherubic Ventures and AME Cloud Ventures, a Palo Alto-based firm founded by tech investor Jerry Yang, who founded and ran Yahoo until his departure in 2012.
iLife was founded with the mission to give life insurance agents the “greatest sales tool possible”. The company believes that a life insurance business is best served by a tool that allows everything to be in one place.
Since its founding in 2019, iLife has raised a total of $5m in venture capital.
The InsurTech said its software is designed to solve pain points in the life insurance sales process. Namely, helping prospects find suitable policies, streamlining communication and identifying strong qualified leads.
iLife operates “behind the scenes”; consumers don’t do directly to iLife’s website to obtain a quote for life insurance, rather, they use a broker or agent’s website that is powered by iLife to get a quote is as little as seven seconds.
Nelson Lee, chief executive and founder of iLife, said, “It’s 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 the insurance agencies and brokerages. If the website has a browsing capability, and there is a live chat, that is likely powered by us.”
At the end of last year, Fountain Life, a preventative health and longevity company, raised $15m in a recent funding round.
Copyright © 2023 FinTech Global
