SAN FRANCISCO, July 29, 2021 /PRNewswire/ — Amplify Life Insurance coverage, a digital everlasting life insurance coverage platform, introduced at present it has raised $2.5M in Seed funding led by Anthemis with participation from Transverse Ventures Fund.
Began in 2019 by cofounders Qiyun Cai and Hanna Wu, Amplify’s mission is to assist individuals construct wealth via everlasting life insurance coverage. At the moment, the platform presents life insurance coverage merchandise the place prospects can entry tax-free investments inside their coverage to make use of for retirement, pupil loans, a down payment- something they want, in the meantime offering lifelong safety. Moreover, Amplify’s platform supplies coverage customization, streamlined underwriting, and an academic buyer journey that caters to every distinctive particular person’s preferences and state of affairs.
“Everlasting life insurance coverage is historically offered face-to-face by commission-driven life insurance coverage brokers. At the moment, Amplify is taking step one in offering a clear and streamlined digital-first expertise for customers to buy everlasting and money worth life merchandise. We see an enormous alternative to remodel the way forward for life insurance coverage by bridging well being and wealth to enhance the lives of tens of millions of individuals,” stated Hanna Wu, Co-founder and CEO at Amplify.
Millennials, strapped with lack of pensions, a dwindling Social Safety, a number of market downturns, and an extended lifespan, are searching for monetary safety. Amplify is filling these gaps and offering peace of thoughts to customers via providing life insurance coverage insurance policies that not solely defend their households, but additionally enable them to save lots of and make investments their premiums at 6-8% on common tax-free that they will use nevertheless they want. Beforehand a monetary product utilized by the rich 1%, large banks, and huge firms, Amplify is democratizing entry to those distinctive life insurance coverage advantages to assist a brand new technology construct safety and wealth.
“Anthemis is proud to again Amplify as they design and distribute everlasting life insurance coverage merchandise that assist under-served prospects construct wealth and well being,” stated Ruth Foxe Blader, Associate at Anthemis.
“We’re excited to help Amplify because it appears to be like to carry a lot wanted innovation to the everlasting life area. The Amplify group shares our imaginative and prescient of creating the method of getting everlasting life insurance coverage less complicated, sooner, and personalised,” stated Mark Hong, Managing Director of Transverse Ventures.
After incorporating in September 2019, Amplify raised their pre-seed spherical in March 2020. They launched their preliminary customer-facing platform and commenced producing early income in January 2020. Since then, the corporate has submitted a number of seven figures of annual premiums and is instantly contracted with a number of massive life insurance coverage carriers.
Contact Amplify to study extra right here.
About Anthemis Group
Anthemis cultivates change within the monetary system by investing in, rising and sustaining companies dedicated to enhancing the world. We’re based on three guiding rules — genuine collaboration, virtuous cycle outcomes, and variety and inclusivity — and our deep understanding of markets and fashions, ardour for rising expertise and values encourage all the things we do. By creating fertile floor for a various group of startups, traders, entrepreneurs, establishments, teachers and visionaries to converge, we imagine we are able to clear up the monetary providers world’s most urgent challenges sooner, higher and for the good thing about all. Be taught extra at www.anthemis.com.
About Amplify Life Insurance coverage
Amplify helps individuals construct wealth via everlasting life insurance coverage. We provide prospects direct entry to life insurance coverage merchandise the place prospects can make investments tax-free via their life insurance coverage and entry it for something they want, whereas nonetheless defending their households. We have constructed an clever buyer journey with frictionless coverage customization, pre-underwriting, and in-force coverage administration.
Amplify is the primary D2C platform tackling the $70B everlasting life insurance coverage business. Based by serial entrepreneurs with business and expertise experience, we have seen important buyer demand since our launch in Jan 2020.
SOURCE Amplify Life Insurance coverage