Munich Re-backed insurtech Bestow secures $15m funding
Dallas-based startup digital life insurance distribution company Bestow has secured $15 million in a Series A funding round led by Valar Ventures, bringing its total financing to more than $18 million.
Other participating investors include New Enterprise Associates (NEA), Core Innovation Capital, 8VC, and Morpheus Ventures.
In Sept. 2017, Bestow partnered with Munich American Reassurance Company, the US life and disability reinsurance division of Munich Re, to develop new life insurance products for Bestow’s distribution platform.
The latest funding comes ahead of the company's national launch and “aggressive” growth trajectory, Bestow said.
Melbourne O'Banion, CEO of Bestow, commented: "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."
Andrew McCormack, general partner at Valar Ventures, 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."
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