iLife, a platform for insurance agents, has raised $4 million in seed funding. Foundation Capital led the round.
iLife, a platform that gives agents their own branded, digital insurance agency in minutes, today announced a $4M Seed round. iLife aims to help agents do their jobs faster, better and earn more in the process, while giving customers a high quality and on-demand experience when buying life insurance. The $4M seed round was led by Foundation Capital, with participation from AME Cloud Ventures and Cherubic Ventures. The funds will be used to grow the team, especially in its customer service department, as well as expand product features.
The current experience for buying and selling life insurance is broken. Until iLife, it would take anywhere from 5-14 working days for a consumer to get a life insurance quote back. With iLife, getting the best life insurance quotes back takes under 7 seconds. With a lack of digital platforms available for life insurance, consumers and brokers have traditionally not been able to interact with each other in a way that makes sense in terms of timing of communication and access to information, making the process painful and slow for everyone. iLife is the first time that both term and permanent life insurance will be available and accessible in a digital storefront, which is a gamechanger for agents who want to take control of their businesses and lives.
“After years working in the tech and insurance industries, I couldn’t understand why it took weeks at a time to get a simple life insurance quote back. Customers don’t enjoy the experience of the right policy, and agents are stressed and working long hours for little reward,” said Nelson Lee, founder and CEO of iLife. “We believe that the human component of the life insurance process is fundamental, and technology shouldn’t ever take that away. iLife’s platform enhances the human experience of getting life insurance, making it more helpful, relevant and efficient for everyone involved. iLife makes it possible for insurance agents to do their jobs better, faster and earn more in the process, while giving customers a high quality, on-demand experience that they expect today.”
To start an insurance agency today, it can cost upwards of thousands just to get off the ground. With iLife, an agent can get started wherever they are, in minutes, for $99. iLife’s policy database has more than 100 million data points that a consumer can search through, with access to more than 500,000 policies. iLife will automatically identify the top policies for each customer, which agents can then review with them to help make the best purchase choice for each individual. Distributors of all types of insurance can now conveniently add top-rated term and permanent life insurance to part of their product lines.
“Silicon Valley is notorious for trying to replace human-to-human services, like selling insurance, entirely with automation. Nelson and his team are instead using technology to help make the livelihoods of insurance agents easier, better, and, at the same time, more profitable,” said Rodolfo Gonzalez, partner at Foundation Capital. “With strong relationships with major carriers, iLife is going to transform life insurance and we couldn’t be more excited to be on this journey with them.”
With the ability to sell asynchronously from anywhere and to anyone online, agents are able to have a much higher quality of life and make more money, without having to work harder to achieve their goals. While on-demand results have become the norm for home and auto insurance, iLife is the only platform that has an automatic, single interface which allows customers to receive multicarrier results for life insurance. iLife makes every individual brand and agent shine, marketing their brand and never iLife’s.
“As a broker selling life insurance the traditional way for years, I knew the pain points in the process. Quotes, applications and underwriting turnaround times were incredibly time consuming and frustrating for both the agent and client alike. iLife’s platform streamlines and simplifies the life insurance sales process from quote to bind, freeing up our time to be more productive. The data that is accessible in an instant is more comprehensive than I have ever seen. iLife’s technology is at the forefront of insurtech and where this industry is heading.”
For more information visit iLife.tech.