Modern Life, an AI-powered life insurance brokerage transforming how advisors serve their clients, has raised $20m in Series A funding.
The company plans to use the new funding to accelerate the growth of its AI-driven platform, expand strategic partnerships nationwide, and continue product development.
By doing so, Modern Life aims to further simplify the advisor experience and enhance client outcomes in a $175bn U.S. life insurance market, where approximately 90% of policies are sold through advisors.
The funding round was led by Thrive Capital, with participation from New York Life Ventures, Northwestern Mutual Future Ventures, and Allegis.
This latest raise brings Modern Life’s total funding to $35m, following its $15m seed round also led by Thrive Capital.
Modern Life provides a platform that integrates advanced AI across the entire life insurance process.
The platform offers instant quoting, data-driven underwriting, and an Express Decision instant decision capability. It also supports end-to-end agency management, helping advisors streamline workflows, navigate complex medical and financial underwriting, and deliver more efficient client solutions.
The platform helps advisors manage the intricate details of life insurance, from financial optimisation and tax planning to medical underwriting and carrier selection.
Modern Life provides access to over 30 carriers and every major product type, including permanent and term life insurance, annuities, and long-term care. Express Decision allows clients to receive offers up to four times faster than traditional underwriting, while smart product selection and advisory support can reduce costs by up to 20%. The company is also SOC 2 certified, ensuring enterprise-grade data security across its platform.
“Life insurance remains one of the biggest untapped opportunities in financial services,” said Nabil Mallick, Partner at Thrive Capital. “Modern Life is reimagining how the industry works by empowering advisors with cutting-edge, AI-powered tools, unlocking lasting value for the entire ecosystem.”
“We started Modern Life to solve a clear problem: we believe that advisors have an incredibly important job but face a complex and dizzying set of obstacles to serve their clients well,” said Michael Konialian, Founder and CEO of Modern Life. “We provide everything that advisors need to deliver better client outcomes and run their firms more efficiently, at scale. We have been pushing the frontier of what is possible in life insurance, integrating what would have otherwise been served by over 10 fragmented legacy tools into a singular platform, removing friction across the entire client journey. Our AI helps advisors navigate the most complex parts of the job – it’s like having a medical underwriter, tax expert, financial planner, product specialist, and marketer at your side.”
“Our experience at New York Life Ventures points to a simple truth: advisors are essential to how life insurance is purchased,” said Tim Del Bello, Head of Investments at New York Life Ventures. “Modern Life has built its growth on this foundation, using AI to elevate what advisors do best – serving their clients.”
The company previously raised $15m in a seed round led by Thrive Capital, bringing its total capital raised to $35m.
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