Permanent Life Web Broker Raises $12M

Amplify Life Insurance has raised $12 million in funding to expand in a new financial technology frontier — selling whole life, universal life and other types of permanent life insurance online. This move means Amplify could blaze a trail and help many financial services companies come up with ways to use digital processes to sell complicated financial services arrangements. The San Francisco-based company attracted a group of investors that includes Greycroft and Crosslink Capital.

The Amplify System

Amplify Life has a quick, automated screening process that can assess how a consumer might do in the life insurance underwriting process and what kind of coverage the consumer might need. The company's system then suggests whether the consumer might be better off with temporary or permanent coverage. It seeks additional information to develop a customized coverage plan for the consumer, based on the consumer's financial goals, risk tolerance level and underwriting risk profile, and it helps the consumer get pre-approved for coverage. During a recent session involving a hypothetical, healthy, 57-year-old woman who lives in Missouri and can pay about $100 per month for coverage, the system listed a 20-year term life policy from Ameritas as the top option. It also suggested a permanent life policy from North American as a possible alternative. The company also can help consumers use life insurance to handle jobs such as planning for retirement expenses, planning for college expenses or passing cash on to heirs. Most consumers can use the system to get coverage within days and without medical exams, Amplify says.

The Company

Hanna Wu, the CEO and co-founder, and other founders began setting the company up in September 2019 and began selling life insurance in 2020. The company says it has helped thousands of users buy life insurance. The company is planning to use some of the cash it has raised to introduce a mobile application that customers can use to manage life insurance policy details and policy investment options. In the future, Amplify hopes to sell health and welfare benefits as well as life insurance. .. (Image: Gorodenkoff Productions OU/Adobe Stock)