Insurtech startup InsurLife has opened its seed funding round in which Nassau Financial Group, CFV Ventures, and other angel investors are participating.
Concurrently, the US-based startup has signed a distribution agreement with two insurance firms, which include a supplemental health insurer and Nassau Financial Group.
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Upon closing of the round, InsureLife will distribute their products with its proprietary platform.
InsureLife’s platform leverages AI to connect insurers’ financial services products with consumers and agents.
The firm anticipates that its seed round will be oversubscribed and plans to open series A to drive growth later this year.
InsureLife said it is already exploring more growth opportunities and the seed round will act as a catalyst for that.
InsureLife co-founder and chief technology officer John Cammarata said: “We’re thrilled and honoured to partner with forward-thinking investors and insurance companies who see the value in modernizing the antiquated insurance distribution chain. We’re excited to get moving with great brands like Nassau and one of the largest Supplemental Health Insurers and most recognized brands in the US.”
CFV Ventures managing partner Nat Clarkson said: “The InsureLife team has created a unique solution that addresses a real need in the insurance industry.”
Nassau Financial Group chief marketing officer Paul Tyler said: “We’re happy to see one of the early companies in our incubator, Nassau Re/Imagine, continue to gain momentum in the marketplace. In addition, we look forward to growing our Medicare Supplement insurance business in partnership with InsureLife’s team.”
