Spanish startup Life5 has raised its third funding spherical and has been rising properly since my earlier publish. The corporate additionally has a brand new title because it was once referred to as Getlife. Along with its residence nation, Life5 now sells life insurance coverage produts in France.
After elevating a €1 million pre-seed spherical and a €5.5 million seed spherical, Life5 just lately raised a €10 million Collection A spherical (that’s $10.7 million at in the present day’s change price). Current investor Singular is investing as soon as once more, together with Mundi Ventures and World Mind (Sony Monetary Ventures).
Life5 began with a easy premise. Many individuals, for one purpose or one other, need to subscribe to a life insurance coverage product. And but, it’s usually a painful course of as insurance coverage firms generally require medical exams. In different instances, they merely don’t need to insure you resulting from a pre-existing situation or since you don’t match the invoice.
To be able to modernize this business, Life5 works with a number of insurance coverage firms and simplifies the subscription course of. Clients can join in a couple of minutes by means of Life5’s web site. They solely must fill out a kind.
The corporate’s underwriting engine can deal with 700 diseases and danger professions, which significantly will increase the acceptance price. The startup acts as a managing basic agent and companions with insurers and reinsurers, resembling Axa and CNP Assurances.
Relying in your age, your solutions and your wants, Life5 will advocate a particular life insurance coverage product to guard your family members in case you die all of the sudden. In Spain, you possibly can insure a mortgage or go away a lump sum as an illustration.
“At Life5 we would like individuals to have entry to honest and fashionable life insurance coverage insurance policies, with no small print. Our intention is to banish the concept that taking out life insurance coverage is an advanced course of, which is why we provide customers the prospect to buy life insurance coverage merely and rapidly,” co-founder and CEO Guillermo Alén stated in a press release. “This new spherical of financing will permit us to proceed rising and revolutionise the life insurance coverage sector by providing distinct options”
Whereas Life5 has already raised fairly a bit of cash, it’s nonetheless a small participant within the insurance coverage business as solely 9,000 households are at present lined by a Life5 insurance coverage product.
Along with the direct-to-consumer distribution channel, Life5 companions with brokers, brokers and associates to distribute its merchandise. After Spain and France, the corporate plans to increase to Germany and Portugal.