(Image source: JennyLife homepage.)
JennyLife, a no-health-exam-required life insurance provider for women has secured $3.5 million in Series A funding for a total raise of $5 million, from CMFG Ventures, the venture arm of CUNA Mutual Group (Madison, Wisc.), and undisclosed investors from within the insurance industry. JennyLife reports that it will use the funds to accelerate its mission to address underinsurance in its target market segment through further technology development and marketing.
Only one in three women own individual life insurance policies, according to LIMRA’s “Life Insurance Ownership in Focus, U.S. Personal Trends: 2016.” Women are also 80 percent more likely to be impoverished in retirement, according to the National Institute on Retirement Security 2016.
“JennyLife has made tremendous progress since its launch and is poised to become the most trusted source for helping families maintain financial stability should they endure life’s darkest moments,” comments Brian Kaas, President CMFG Ventures and JennyLife board member. “We are impressed with JennyLife’s talented team of industry veterans and their category-leading technology that makes them well positioned to take advantage of the considerable market opportunity in the InsureTech space.”
Less Frustrating Experience
JennyLife’s veteran insurance executive co-founders, Chirag Pancholi and Lief Larson, seek to provide a less frustrating customer experience for women than the traditional life insurance application process, according to a company statement. The co-founders developed new life insurance technology and created the JennyLife native apps, Web app, and text (SMS) capabilities to modernize this process, the statement says.
“JennyLife is transforming the way people think about life insurance,” comments Pancholi, JennyLife’s CEO. “In the face of these tough economic times, this additional financing allows us to continue to grow JennyLife and advance our product and business around the nation.”
“In this business climate, people are hungrier than ever for information about their financial security,” Pancholi continues. “We’re improving the breadth, depth, and quality of our offerings to support the growing interest we’re seeing from families.”