Amplify Life Insurance has secured $20 million in Series B funding to revolutionize the permanent life insurance industry by offering tax-efficient wealth-building solutions through customer-centric experience and proprietary products. The round was co-led by Crosslink Capital and Anthemis, with new investors Moneta Ventures and Evolution Ventures joining, alongside existing supporters Greycroft, Munich Re Ventures, and Foxe Capital.
Established in 2019, Amplify Life Insurance enables customers to build tax-efficient wealth through insurance premiums. The platform provides access to the policy’s cash value for any purpose while alive, transforming the traditional life insurance model. By focusing on a customer-first experience, Amplify makes valuable permanent life insurance accessible to a broader market, including businesses seeking tax-efficient cash management solutions.
Amplify Life Insurance is the first digital permanent life insurance platform offering customers direct access to products that provide tax-efficient investment returns and lifelong protection. Founded by serial entrepreneurs with industry and technology expertise, Amplify aims to modernize the $70 billion permanent life insurance industry.
The platform offers an AI-enabled educational journey, product recommendations and quotes, and real-time pre-underwriting to help customers learn about plans and customize a policy for their needs. Amplify serves all 50 states and has helped thousands of customers achieve health and financial wellness.
New Products and Growth
With the new funding, Amplify plans to launch the first in a suite of proprietary products tailored to customer needs. These products will offer a customer-centric experience and strengthen unit economics. Additionally, the company will reinforce its commitment to strategic work in B2B channels.
Amplify has also welcomed two new Board Members to support its growth and development: Michelle Cheung, former CFO of Next Insurance, and Mark Williamson, former COO of Masterclass.
“Our unique approach provides customers a simple, digital experience while offering more transparent and liquid life insurance wealth products. Our expansion highlights the growing demand for innovative and tax-efficient financial solutions that prioritize customer needs and foster flexible long-term wealth accumulation,” said Hanna Wu, founder and CEO of Amplify.
Impressive Growth
Since its Series A funding, Amplify has achieved 200 percent year-over-year growth. The company has developed a proprietary machine-learning model for accurate customer lifetime value prediction and ranking.
“Amplify is disproving the notion that permanent life insurance can only be sold through the traditional agent channel,” said Amy Nauiokas, Founder and CEO at Anthemis. “We believe Amplify is connecting and strengthening the life insurance value chain, offering direct access to a previously underserved customer segment.”
This advanced customer acquisition algorithm has enabled the acquisition of high-value customers, resulting in significantly higher average premiums per policy compared to industry norms. With end-to-end data capture, Amplify can better manage unit economics and focus on efficiencies in the sales funnel.
“Investing in Amplify represents our confidence in the team’s ability to democratize an asset class traditionally available only to the wealthy,” said Adoram Gaash, Managing Partner of Moneta VC. “They are making it accessible to underserved younger generations.”
Follow USTechTimes on Facebook, Twitter and Linkedin for in-depth news of market trends, funding updates, and regulatory changes affecting startups in USA.
We Recommend:
- Pie Insurance secures $315 million to set a record for P&C insurance companies in US
- Taktile bags $20 million to fuel expansion in the US market
- Digital-first insurance startup Angle Health bags $58 million in its Series A
- Companion Protect Raises $27M in Series A Funding to Revolutionize Pet Health Industry
- Scratchpad gets $ 33 million Series B boost for popular workspace app
