Bestow, a U.S.-based insurtech that delivers algo powered life insurance underwriting, announced on Wednesday it raised $70 million through its Series C funding round from new and existing investors, including Breyer Capital, Valar Ventures, New Enterprise Associates, Core Innovation Ventures, Morpheus Ventures, and Sammons Financial. With the investment, Bestow now has $145 million in total funding.
Launched in 2017, Bestow is on a mission to reshape the life insurance industry by building products and software that make life insurance accessible to millions of families. It provides APIs enabling partners to offer life insurance to customers with ease.
“Across direct-to-consumer, fintech and agent channels, 85 percent of Bestow applicants are new to life insurance, 70 percent of customers buy a policy on a mobile device in as little as 5 minutes, and 100 percent of customers instantly secure coverage without a phone screening, doctor’s visit or blood test.”
Melbourne O’Banion, Co-founder and CEO of Bestow, shared more details about the company by stating:
“While the adoption of technology has transformed many financial services, the life insurance industry lags far behind in its ability to appeal to a digital consumer. Bestow is a new breed of life insurer, built for future generations, with the ability to provide attractive products and services for our customers and partners. This funding allows us to propel our vision to scale protection to millions of underserved families.”
Bestow further revealed that its proprietary, full-stack platform will help propel growth into new insurtech, carrier, and partner channels in 2021.