(Image source: iCover homepage.)
iCover (Chesterfield, Mo.), an InsurTech that provides an algorithmic underwriting Platform as a Service (PaaS) for life insurance companies, has raised an undisclosed amount in seed funding. The company says it will use the funds raised to expand insurance distribution through a direct-to-consumer offering, increase technical staff and expand sales and marketing efforts.
The iCover platform is designed to help insurers sell to the middle market. By leveraging data and predictive analytics iCover can quote, underwrite, and deliver life insurance in under 5 minutes, according to a company statement. iCover was built by Hari Srinivasan and Nicole Mwesigwa who applied their 30+ years of insurance technology experience and expert knowledge of automated underwriting technologies.
iCover also announced a multi-year partnership with KSKJ Life (Joliet, Ill.) that allows iCover to onboard KSKJ Life’s full suite of products, which includes Final Expense, Term Life, Whole Life and Annuities on the platform to digitize their new business processes.
Supporting Growth Strategies, Service Commitment
“We are excited about the partnership we have established with the iCover team,” comments Tony Mravle, CEO, KSKJ Life. “The experience and expertise that they offer, from the platform to business development, support our growth strategies and commitment to provide excellent service to our members and agents.”
“KSKJ Life is an ideal partner for iCover, they have an innovative mindset, agile approach to delivery and the suite of products that could help enhance the iCover platform,” says Hari Srinivasan, CEO, iCover.