SAN
FRANCISCO, June 18, 2024 /PRNewswire/ -- Amplify Life
Insurance, a leading digital platform revolutionizing
wealth-building through permanent life insurance, announced today
it has secured $20M in a Series B
funding round co-led by Crosslink Capital and Anthemis. New
investors Moneta Ventures and Evolution Ventures joined the round,
with continued support from existing investors Greycroft, Munich Re
Ventures, and Foxe Capital.
Founded in 2019, Amplify enables customers to build
tax-efficient wealth through life insurance premiums, providing
access to the policy's cash value for any purpose while alive. By
focusing on a customer-first experience, Amplify transforms the
traditional life insurance model, making valuable permanent life
insurance accessible to a broader market, including businesses
seeking tax-efficient cash management solutions.
With the capital infusion, Amplify will soon be launching the
first in a suite of proprietary products tailored to what customers
actually want; these products will not only offer a
customer-centric experience, but also strengthen unit economics.
The company will also be reinforcing its commitment to strategic
work in B2B channels.
Additionally, Amplify has welcomed two new Board Members to help
fuel the upcoming growth and development: Michelle Cheung, prior CFO of Next Insurance,
and Mark Williamson, prior COO of
Masterclass.
"Our unique approach provides customers with a simple,
digital experience while offering more transparent and liquid life
insurance wealth products catered towards a younger mass affluent
market looking to build long term tax efficient wealth while
protecting their families and assets," said Hanna Wu, founder and CEO of Amplify. "Our
expansion highlights the growing demand for innovative and
tax-efficient financial solutions that prioritize customer needs
and foster flexible long term wealth accumulation."
"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
entirety of the life insurance value chain, offering direct access
to a previously underserved customer segment."
"Investing in Amplify represents our confidence in the team's
continued ability to democratize an asset class traditionally
available only to the wealthy, making it accessible to underserved
younger generations," said Adoram Gaash, Managing Partner of Moneta
VC.
Since its Series A funding, Amplify has achieved 200% YOY
growth. The company has also developed a proprietary machine
learning model for accurate customer lifetime value prediction and
ranking; 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.
For more information, visit Amplify Life Insurance.
About Amplify Life Insurance
Amplify is the first digital permanent life insurance platform
offering customers direct access to products where you access
tax-efficient investment returns and obtain lifelong protection.
It's founded by serial entrepreneurs with industry and technology
expertise looking to modernize the $70B permanent life insurance industry. Amplify
provides an AI-enabled educational journey, product recommendation
and quoting, and real-time pre-underwriting to help customers learn
about plans and customize a policy for their needs. Founded in
2019, Amplify aims to help customers achieve health and financial
wellness. Based in the San Francisco Bay
Area, Amplify is open to all 50 states and has served
thousands of customers.
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SOURCE Amplify Life Insurance