Insurtech startup Breathe Life raises $3.4m seed funding
Montreal-based Insurtech startup Breathe Life has raised CA$4.5 million ($3.4 million) in its seed round of funding led by Diagram Ventures with participation from Real Ventures.
Breathe Life provides white label digital support for life and health insurer, distribution organizations, and advisors. It is designed to help clients find and convert new customers more quickly as long sales cycles, a focus on “high-networth-individuals” and a shift in consumer buying habits to online purchases have brought about a steady decline in new policy sales. The startup identified that a slower approach to life, critical illness, disability, and travel insurance has left “millions of middle-market customers exposed and millions of dollars in insurance revenue untapped”.
It aims to close this gap by modernizing how companies distribute their products to reach more people via mobile technology, micro-segmentation and data analysis to transform life and health insurance.
Ian Jeffrey, co-founder and CEO at Breathe Life, said: “The life insurance industry faces distribution challenges as more consumers expect a fast and seamless digital buying experience.
“At the same time, the opportunity for providers to target and engage with consumers on their own terms has never been greater. Breathe Life helps distributors tap into vast and underserved markets with digital solutions that make it more efficient and cost-effective both to find and acquire new customers and nurture existing ones.”
The company said in one year, its model had helped customer and investor, National Bank, realize an 18 percent increase in sales and a 26 percent increase in first-year premiums. It added that said the model had also reduced the cost of customer acquisition by 33 percent in 13 weeks.
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