Insurtech firm Bestow has raised $15m in Series A funding led by Valar Ventures, bringing its total financing to over $18m.
Other participating investors include New Enterprise Associates (NEA), Core Innovation Capital, 8VC, and Morpheus Ventures.
The funding comes ahead of Bestow’s national launch and growth trajectory.
Powered by an algorithmic underwriting engine, Bestow is delivering new, consumer life insurance products that are available instantly with no medical exam.
The company uses predictive analytics to instantly identify risk and give consumers immediate access to comprehensive life insurance solutions.
Bestow CEO Melbourne O’Banion said: “It’s clear there is a gap for consumers between the demand for life insurance protection and their ability to navigate the friction typically involved in getting covered. We’ve built an entirely new model, essentially eliminating many of the principal pain points associated with researching and buying life insurance.
“Using advanced technology, we’ve developed an affordable, quick, and easy-to-use solution that allows people to obtain coverage in a matter of minutes without having to talk to an agent or get a medical exam.”
Bestow has already started rolling out modern life insurance products in the US in Texas and Utah.
The company said that at present there are less than 44% of households in the US have individual life insurance, yet 85% of consumers recognize the need for it.
Valar Ventures general partner Andrew McCormack said: “Bestow is reshaping the life insurance process by bringing much needed innovation to one of the most regulated and stationary industries in existence.
“Using data and technology to turn a frustrating process into a seamless user experience, Bestow is breaking down the barriers for obtaining financial protection. We’re proud to be part of the team that is working to improve the lives of millions of American families, and shaking up a massive industry.”