(Image source: iLife homepage.)
iLife, a platform designed to give agents their own branded, digital insurance agency in minutes, announced a $4M Seed round. iLife says it 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 (Palo Alto, Calif.), with participation from AME Cloud Ventures (Palo Alto, Calif.) and Cherubic Ventures (Taipei). The funds will be used to grow the company’s team, with a focus on its customer service department, as well as to expand product features.
iLife seeks to reform what it describes as a “broken” experience of buying and selling life insurance. The company notes that it can take anywhere from 5-14 working days for a consumer to get a life insurance quote. iLife says that it can deliver the best life insurance quotes in under seven 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,” a company statement says. “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,” comments Nelson Lee, founder and CEO, iLife. “Customers don’t enjoy the experience of the right policy, and agents are stressed and working long hours for little reward. 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, according to Lee. “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,” he adds.
Whereas it can thousands of dollars just to an insurance agency started, with iLife, an agent can get started wherever they are, in minutes, for $99, according to the statement. iLife says its policy database has more than 100 million data points that a consumer can search through, with access to more than 500,000 policies. iLife says it 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,” the statement says.
Reaffirming the Intermediary
“Silicon Valley is notorious for trying to replace human-to-human services, like selling insurance, entirely with automation,” comments Rodolfo Gonzalez, partner, Foundation Capital. “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. 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.”