Amplify Life Insurance, a San Francisco, CA-based provider of a digital life insurance platform, raised an undisclosed amount in funding.
The round, which brings total funding to $25.1m, was led by Munich Re Ventures with participation from Crosslink Capital, Greycroft, and Conversion Capital. Additionally, Amplify has added former CEO and current President of Personal Capital, Jay Shah, to its Board of Directors.
The company intends to use the funds to expand the digital life insurance offerings including a mobile application to be launched later this year that will allow customers to manage their life insurance policies and investment portfolios and hire across teams including engineering, product, data science, customer experience, and marketing.
Led by CEO Hanna Wu, Amplify provides a digital-first platform focused on helping customers build wealth through permanent life insurance.
Amplify’s digital interface provides customers with a customized policy based on their financial goals, risk tolerance, and underwriting risk profile. Customers can also choose how much of their premiums are invested in tax-efficient, high-growth investments and how much goes towards their life insurance coverage.
The solution features an AI-enabled educational journey, product recommendation and quoting, and real-time pre-underwriting to help customers learn about plans and customize a policy for their needs.
Founded in 2019, Amplify is open to all 50 states, and has served thousands of customers.
FinSMEs
04/10/2022