Life insurance startup Getlife becomes Life5 and raises $10.7 million

Spanish startup Life5 has raised its 3rd backing circular and has been increasing nicely since my previous post. The institution besides has a caller sanction arsenic it utilized to beryllium called Getlife. In summation to its location country, Life5 present sells beingness security produts successful France.

After raising a €1 cardinal pre-seed circular and a €5.5 cardinal effect round, Life5 precocious raised a €10 cardinal Series A circular (that’s $10.7 cardinal astatine today’s speech rate). Existing capitalist Singular is investing erstwhile again, on with Mundi Ventures and Global Brain (Sony Financial Ventures).

Life5 started with a elemental premise. Many people, for 1 crushed oregon another, privation to subscribe to a beingness security product. And yet, it’s often a achy process arsenic security companies sometimes necessitate aesculapian exams. In different cases, they simply don’t privation to insure you owed to a pre-existing information oregon due to the fact that you don’t acceptable the bill.

In bid to modernize this industry, Life5 works with respective security companies and simplifies the subscription process. Customers tin motion up successful a fewer minutes done Life5’s website. They lone request to capable retired a form.

The company’s underwriting motor tin grip 700 illnesses and hazard professions, which greatly increases the acceptance rate. The startup acts arsenic a managing wide cause and partners with insurers and reinsurers, specified arsenic Axa and CNP Assurances.

Depending connected your age, your answers and your needs, Life5 volition urge a circumstantial beingness security merchandise to support your loved ones successful lawsuit you dice suddenly. In Spain, you tin insure a owe oregon permission a lump sum for instance.

“At Life5 we privation radical to person entree to just and modern beingness security policies, with nary tiny print. Our purpose is to banish the thought that taking retired beingness security is simply a analyzable process, which is wherefore we connection users the accidental to acquisition beingness security simply and quickly,” co-founder and CEO Guillermo Alén said successful a statement. “This caller circular of financing volition let america to proceed increasing and revolutionise the beingness security assemblage by offering chiseled solutions”

While Life5 has already raised rather a spot of money, it is inactive a tiny subordinate successful the security manufacture arsenic lone 9,000 families are presently covered by a Life5 security product.

In summation to the direct-to-consumer organisation channel, Life5 partners with brokers, agents and affiliates to administer its products. After Spain and France, the institution plans to grow to Germany and Portugal.