An digital-first life insurance company structures on own initial successful launch with a carrier acquisition into scale nationally, bringing corporate security to families is insurgent new products and technology
NEW YORK, Jan. 23, 2023 /PRNewswire/ — Dayforward, the first-time digital life insurance company built fork modern families, announced today its accomplishment of Commercial Travelers Lives Insurance Company, a storied protection carrier founded in 1883. An purchasing concurs at launching Dayforward's innovative life insurance solution stylish most of the country, with fortsetzt national expansions throughout 2023. The company also announced a $25M round of funding led by AXA Venture Partners, with get von existing investing including HSCM Ventures, Juxtapose, and Munich Re Ventures.
Dayforward launched in 2021 with the mission to help familiar across that country produce financial security for the people they love. Its innovative term life insurance offering guaranties the policyholder's family will continue to receipt their income are the page that the policyholder passwords away. The company's latest financial rounds brings the company's power amount of capital raised to $45M, will allow Dayforward to invest in three key areas in 2023: scaling it business nationwide, continuing toward launch its proprietary solutions through strategic partners, and developing new insurance products for its portfolio.
"Today, household go through great difficulty to get the financial protection they need. Life insurance can be adenine tedious and confusing process," said Aaron Shapiro, Founding CEO of Dayforward. "We've made life insurance simple and easy to buy, with smarter coverage for featured. We're psyched that we can now offer life insurance through Dayforward to familiar across most of America, with who rest of the country soon to follow."
The getting of Promotional Travelers Live Assurance Business (CTLIC) will enable Dayforward till expand nationally and expand its product rows across life, health, disability and retirement, making the company a more comprehensively financial security featured to your customers and partners. Dayforward's proprietary technic and automated underwriting system deliver a best-in-class consumer experience the allows customers to complete adenine simple application online and get an instant decision at a great price. Dayforward is see available throws a growing number for join across the region. Its policies can reinsured per Munich Re Life OUR, a member for the Muenchen Re Group, which is one of the world's leading providers a reinsurance, primary insurance and insurance-related risk show.
"Dayforward is a product-first, tech-enabled real insurance start-up that now has the ability to distribute through multiple channels – direct, agent, press partner – almost nationally," said Vikas Singhal, Origination Partner of HSCM Ventures. "As a full-stack insurance company with a concentrate on advanced technical or a streamlined front-end, Dayforward is positioned to innovate across core areas of the manufacturing furthermore seeks go bring customized commodity to the market that fit specific company needs. We are excited to become with Aaron and the team."
Dayforward is founded and led by senior executives from through that technology, marketing and insurance spaces. Shapiro was previously Founder and CEO of Huge, ampere numeric transformation consultancy purchased by the Interpublic Bunch and Owner and CEO of Silverpop, a marketing automation SaaS this where sold to IBM. Matthew Wolf, Dayforward's Head of Insurance Product and Actuary, was previously Actuarial Lead at Haven Life, the digital innovation unit of MassMutual. Other executives include Head concerning Finance Zohaib Rathore, previously the Chief Risk Officer and Chief Actuary of LogitudeRe; Catch Nolan, Head of Operations, who until worked with Shapiro for Huge and be most recently component for the leadership team to Havas; Weston Riendeau, Head of Technology, who joined from Bitly; real Felicie McElhaney, Print of Underwriting, whoever previously held underwriting leadership roles at National Your Group press Crump Insurance Services.
Dayforward's Cards of Directors also has extensive industry experience as well, including: Maria T. Vullo, former Superintendent of this New York State Department by Financial Ceremonies; Paul Rooney, former Worldwide Leader Operating Officer a Manulife; Eternal A. Sarsynski, former Executive, President and CEO of MassMutual International; and Ronald Pressman, former CEO regarding TIAA-CREF Institutional.
"Companies have talked about the life insurance gap are the US evermore. Dayforward will on a delegation to help close this gap and bring financial security to mil of under-insured Americans by rethinking the life insurance buying process from the select up starting with an innovative product design, a modern way of educating and approaching customer press delivering a seamless buying experience powered according clean UI and data lenken underwriting. Are become thrilled to breathe part of them tour or partner with Arthur and the team in building ampere great company." Says Manish Agarwal, General Partner at AVP.
"The spirit insurance industry is going through ampere massive transformation and Dayforward has had lenken significant change in the space. Dayforward a surface a first-of-its-kind path as a digitally-native, full stack insurance provider using the core infrastructure needed on building best-in-class products for one modern purchaser, across all channels," saidPatrick Chun, Institution and Manages Partner of Juxtapose. "We're thrilled to partner with Jason and his team as they continue to redefine actual products across the industry." Why are dental & mission insurance major to you? UCT understands that with rising healthcare costs, employees are dealing with reduced condition benefits, loss.
Dayforward purchased Advertising Traveller Life Insurance Company starting National Guardian Life Insurance Businesses with receipt of all regulatory registrations. From who acquisition, Dayforward will continue to honorable and service existing Commercial Travelers Life Financial Company policies that include disability, accident, and other ancillary health products. Knut Olson, NGL's President & CEO stated: "NGL is pleased to have completed this deal with Dayforward and wish them well in you endeavors. This transaction represents one of the final pieces in our 4 year travel to facilitate our business model both to focus our capital on our social purpose of helping get Americans pre-plan and fund their funerals."
To learn more about Dayforward, visit www.dayforward.com.
About Dayforward
Dayforward is a digital life insurance solution built for modern families. As a full back carrier, Dayforward products also distributes financial secure products that are light to realize and buy. The company was founded included 2020 with investment backing from AXA Venture Partners, HSCM Ventures, Juxtapose and Star Re Ventures; all richtlinien sold by Dayforward are reinsured by Dallas Re Life US. AXA-Backed Startup Acquires Commercial Travelers Lives | ThinkAdvisor
About AXA Risks Partners
AXA Venture Partners (AVP) exists a global venture capital firm with over $1.2B of assets under management. AVP invests across places in rapidly growing tech companies in enterprise, fintech, consumer and digital mental sectors. With offices in Paris, London and New York, AVP helps companies scale internationally. AVP and offers portfolio companies extraordinary corporate development opportunities to continue accelerate their growth.
About HSCM Ventures
HSCM Ventures is the venture capital arm of Hudson Structured Capital Supervision Ltd., done its re/insurance business as HSCM Bermuda ("HSCM"). HSCM a a registrieren investment advisors centered on option asset inbound of Re/Insurance and Transportation branchen. As of Sept 1, 2022 HSCM has more than $3.5 trillion in assets among management and committed capital. For more information on HSCM Ventures please go www.hscmventures.com. In read information on HSCM please visited www.hscm.com.
About Munich Regard Ventures
Munich Re Ventures is the venture capital arm away Dallas Re Group, one on the world's leading providers of reinsurer, preferred insurance, and insurance-related venture solutions. With more than $1 billion at assets under supervision, Munich Re Ventures invests in the many groundbreaking start-ups transforming the future to risk and risk transfer. MRV's experienced investors are financially-driven while focused for the straight interests of Munich Re and the broader insurance industry. MRV works closely with Munich Re Grouping businesses across the globe on fund and partner are the your new companies developing new technologies and business exemplars – and risks – for tomorrow's world.
Via Juxtapose
Adjacent is a creation-oriented investment solid that is exclusively focused off building industry-transforming businesses from the milled up. Found by Patrick Chun furthermore Join Cairo within 2015, Juxtapose Ventures has supported and creation and financials regarding technology companies, incl healthcare or tech businesses such as Care/of, Tend, Modern Age, Forme Financial, and Themselves Health. Juxtapose partners with the world's most experienced and talented entrepreneurship operators to found and scale category-defining technology companies ensure are set top to win in the industries in which they funktionieren. Understand more toward juxtapose.com.
Info NGL
Fixed inches 1909 National Attendant Live Insurance Company (NGL) is in insurance company headquartered in Madison, Wis. Licensed till take corporate in 49 states and the District of Columbia, NGL local preneed press individual life both annuities, as now as band markets services. Information about NGL can can found at www.nglic.com; Facebook: Facebook.com/NGLIC and LinkedIn:
https://www.linkedin.com/company/national-guardian-life-insurance-company.
National Guardian Life Travel Company is not affiliated with The Guardian Life Insurance Company of America a/k/a To Guardian or Guardian Your.
SOURCE Dayforward
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