Digital life insurance platform Plum Life raises $5.3m – Finextra

Plum Life Inc announced today it closed a $5.3 Million seed round led by ManchesterStory with additional participation from MTech Capital, Sonostar Ventures and other investors.

This round of funding will position Plum Life to build upon its initial success attracting new Insurance Agents to its best-in-class digital life insurance sales platform. The company will make several key hires, continue to enhance the platform and drive sales through targeted advisor outreach.

Plum Life offers agents a fully digital, friction-free selling experience enabling a quicker, more efficient life insurance sale. The platform is designed to be a one-stop-shop for Agents to manage the entire sales process: from application submission to case management and commission reconciliation. With its highly competitive pricing and quick underwriting decisions, Plum Life is the perfect fit for Agents who seek both quality life insurance products and superior customer experience, defined by simplicity and convenience. Further, Plum Life’s portal gives Agents access to a suite of digital marketing tools, including a co-branded web page that enables Agents to immediately begin prospecting and quoting online.

“Agents still remain the industry’s most dominant sales channel”, says Manish Bhatt, CEO, and Co-Founder of Plum Life. “By offering Agents a simplified digital selling experience, we’re making it easy for them to sell life insurance and transact with their clients the way they want to work. It’s a win-win for everyone,” says Bhatt.

Plum Life is committed to reimagining how insurance is sold. Core to its belief is the idea that consumers need and want professional advice, and strongly prefer to work with those experts digitally.

“We are delighted to partner with Plum Life and have great confidence in the team,” says Matt Kinley, Founding Partner of ManchesterStory. “Plum has created a better life insurance experience that combines the benefits of purchasing online with the confidence of working with an Agent. Life insurance is a complex purchase, and we are excited to support Plum’s mission to simplify the experience for both Agents and their clients.”

“This new round continues an exciting initial six months in market for Plum Life” says Bhatt. “Early reaction and adoption from Agents have far exceeded our expectations and we’re thrilled that this new investment enables us to continue our mission to build the best digital life insurance selling platform on the market.”

“The life insurance sector has lagged P&C and health in terms of Insurtech activity. Yet so much needs to be done,” says Kevin McLoughlin, Co-Founder and Partner at MTech Capital. “The leadership team at Plum Life has a clear vision of how to transform life insurance distribution and underwriting for Agents. And we believe Agents will continue to be the primary sales channel for life insurance. Agents will be able to offer coverage to a broad target market with accelerated underwriting and competitive pricing, all on Plum Life’s digital platform. We look forward to supporting the team as they enter this next phase of rapid growth.”