Sequence A funding spherical led by IA Capital Group

NEW YORK, NY / ACCESSWIRE / April 5, 2022 / Afficiency, an insurtech remodeling the end-to-end life insurance coverage shopping for course of, right this moment introduced it secured $7M in a Sequence A funding spherical led by IA Capital Group with participation from Impression Ventures, SBLI (The Financial savings Financial institution Mutual Life Insurance coverage Firm of Massachusetts ) and Western & Southern Monetary Group. The spherical was considerably oversubscribed and brings the whole raised by Afficiency to $10.2M.

The funding will assist to gas Afficiency’s technique to modernize the life insurance coverage market, bringing 100% digital in-session life insurance coverage merchandise to brokers, distributors, carriers, and different valued companions by means of customized integrations. With Afficiency’s API, companions can carry merchandise into their native environments, and for these ranging from scratch, Afficiency provides ready-made digital interfaces.

Afficiency is scaling and quickly approaching profitability since its inception in simply 2018. The corporate’s capital-efficient enterprise mannequin is already driving hundreds of thousands of {dollars} of gross written premium by means of its platform every month and has skilled 1000% YOY income development.

“At Afficiency, we’re on a mission to supply the sellers of life insurance coverage extra related merchandise and a better buying expertise for his or her purchasers, and we’re captivated with overhauling the outdated life insurance coverage shopping for course of,” stated Mark Scafaro, CEO and Co-Founding father of Afficiency. “This funding spherical will assist us as we increase our partnership community, launch a number of new merchandise and develop our staff with the following era of insurtech expertise.”

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Afficiency’s enterprise facilities round enabling the distribution of life insurance coverage. Virtually in a single day, conventional distributors can empower their brokers to promote digital insurance coverage merchandise that may be underwritten in seconds and offered in minutes, not days and weeks. Afficiency is enabling a brand new cohort of digital distributors corresponding to fintechs, who’ve by no means offered life insurance coverage earlier than, and insurtechs. Afficiency helps these companies serve their rising buyer bases with absolutely digital insurance coverage merchandise that may be simply adopted right into a digital buyer journey. Afficiency provides such merchandise to a number of startups, together with Sproutt, the insurance coverage firm that makes use of information and AI to reward individuals dwelling wholesome lives, and Pendella, a startup expertise firm providing an end-to-end digital particular person life and incapacity insurance coverage platform to distributors and carriers.

“Afficiency is completely positioned to allow digital distribution of life insurance coverage with its suite of APIs, serving as a valued accomplice for established carriers, distributors and insurtech newcomers,” stated Rick Viton, Accomplice at IA Capital Group, who’s becoming a member of Afficiency’s Board of Administrators . “We’re thrilled to contribute to Afficiency’s development story, and we all know its expertise will proceed to gas innovation to assist make life insurance coverage extra accessible to these with out protection or underinsured.”

IA Capital Group is a New York-based personal funding agency and supervisor of the Inter-Atlantic funds. IA Capital Group companions with progressive entrepreneurs in enterprise and development capital investments throughout insurtech and fintech.

Afficiency launched below the imaginative and prescient of Co-Founders Mark Scafaro and Ravi Arasan, two business experts who introduced a ardour for overhauling outdated life insurance coverage processes.

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About Afficiency

Afficiency is an insurtech remodeling the end-to-end life insurance coverage shopping for course of and accelerating the time it takes to get candidates authorised and lined. With Afficiency’s digital life insurance coverage platform, it is by no means been simpler to supply 100% digital in-session coverage selections. Afficiency permits distributors and different trusted manufacturers to white-label and distribute Afficiency’s life insurance coverage merchandise in a customizable approach. With our proprietary API, we will carry our suite of merchandise into our companions’ native environments. And for these ranging from scratch, we will supply an out-of-the-box buyer journey. Afficiency works with its provider and reinsurance companions to develop these merchandise and has a rising product catalog spanning classes corresponding to time period, entire life, incapacity, and common life. All of our merchandise are digitally underwritten and issued to candidates inside seconds. Now we have issued 1000’s of insurance policies thus far, closing the life insurance coverage protection hole, eliminating friction and defending extra lives. To study extra about Afficiency, go to www.afficency.com.

Media Contact for Afficiency

Heather Valle
[email protected]

SOURCE: Afficiency

View supply model on accesswire.com:
https://www.accesswire.com/695500/Afficiencys-Continued-Progress-Is-Serving to-Extra-Individuals-Simply-Entry-Life-Insurance coverage

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