(Image credit: Mareefe.)
Plum Life Inc. (Warren, N.J.) an Insurtech digital platform aimed at helping advisors sell life insurance, has announced its closing of $2.45M seed round led by Sonostar Ventures. With this initial round of funding, closed in Q2 of 2021, Plum Life says it will continue to grow its operations and increase the number of advisors they do business with. The funding will also drive platform and product enhancements, drive sales through targeting advisor outreach and partnership development. Plum life was founded in 2020 and launched the platform to advisors in Sept. 2021.
Plum Life says its digital platform aims to make selling life insurance easier and more efficient for advisors and their clients, with broad coverage options, highly competitive pricing and a fully transparent accelerated underwriting process. The company asserts that consumers see value in working with an advisor but also want the ease and convenience of today’s digital world. With Plum Life, consumers no longer have to sacrifice quality for convenience.
Greg Kiernan, President, CEO and Founding Partner, Sonostar Ventures, LLC
“We are excited to be working with the Plum Life team,” comments Greg Kiernan, President, CEO and founding partner, Sonostar Ventures, LLC. “Their deep knowledge of the industry as well as years of experience in building and managing digital insurance businesses position them perfectly to disrupt the agent space,” Kiernan says.
Plum Life describes its mission as fulfilling a commitment to reimagining how insurance is sold, from digitizing the entire process to designing the best possible advisor experience in the market.
Focus on the Dominant Distribution Channel
With built in client management and communication tools, and comprehensive reporting and dashboards, Advisors can now manage their entire business right from the palm of their hand, a company statement says.
“What we like about this opportunity is the focus on agent,” Sonostar Ventures’ Kiernan adds. “So much of the recent focus has been centered around direct-to-consumer and channel disruption. Instead, Plum Life is laser focused on the industry’s dominant distribution channel—advisor sold life insurance.”