Sureify, a software-as-a-service (SaaS) platform, has raised $15m in a Series C funding round led by Aspen Capital, with participation from returning investors.

The SaaS platform, which is focused on the life insurance and annuity industry, will use the funding to enhance its capabilities and invest in research and development.

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Sureify CEO Dustin Yoder said: “We have now proven both large and small life insurers can digitally transform to compete against the direct-to-consumer entrants and meet the ever-changing consumer expectations year over year.

“There is a massive opportunity to continue modernising the legacy aspects of this industry and this investment in Sureify reinforces that we will help the traditional insurer compete against the emerging digital brands.”

Sureify’s white-label platform is said to enable insurers to digitally transform their business operations.

It counts Allstate, Amica, Principal, Modern Woodmen of America, State Farm, AAA Life, Brighthouse Financial and Vantis Life among its clients.

Aspen Capital Group managing partner Steve Jones said: “Sureify’s innovative, white-label SaaS solution addresses an enormous market opportunity and provides significant ROI to clients.

“Their platform enables life insurers to build on important agent/policyholder relationships with personalized sales, service and meaningful ongoing engagement at a fraction of the time and cost required to revamp a legacy back-end system.”

In July this year, Ethos, another US-based insurtech focused on life insurance, has raised $100m in funding at a $2.7bn valuation.