Venture arms of Munich Re, AXA & HSCM line up for insurtech’s M&A move

Upstart term life insurtech Dayforward took $25 million in fresh funding from the venture capital arms of  AXA,  HSCM,  Munich Re plus Juxtapose, then proceeded to buy a life segment rival as it builds its offer nationwide.

Dayforward will buy Commercial Travelers Life Insurance Company to expand nationally and broaden its product lines across life, health, disability and retirement.

“We're excited that we can now offer life insurance through Dayforward to families across most of America, with the rest of the country soon to follow,” Dayforward CEO and founder Aaron Shapiro said.

The $25 million round of funding was led by AXA Venture Partners, with participation from existing investors including HSCM Ventures, Juxtapose, and Munich Re Ventures.

“Dayforward is a product-first, tech-enabled life insurance start-up that now has the ability to distribute through multiple channels – direct, agent, and partner – almost nationally,” HSCM founding partner Vikas Singhal said. “Dayforward is positioned to innovate across core areas of the industry.”

Dayforward policies are reinsured by Munich Re Life US.

Dayforward will continue to honour and service existing policies from Commercial Travelers Life Insurance Company following purchase from National Guardian Life Insurance Company. Those policies include disability, accident, and other ancillary health products.

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