Life insurtech firm Inclined Technologies has raised $15m in a Series A funding round led by HSCM Ventures.
The round was also joined by Anthemis Group along with several new and existing investors.
According to Inclined, there is around $150bn borrowed against whole life policies in inefficient ways that result in loss of value.
The insurtech aims to help policyholders get more value out of their whole life investment by giving them access to equity they have built in their whole life policy.
Inclined aims to achieve this by addressing the issues around accessing and structuring the raw data from whole life carriers and managing the collateral in a manner that can deliver assets at scale to partners.
Initially, Inclined will work with whole life advisors to offer customers a revolving line of credit or Inclined Line of Credit (iLOC) collateralised by the cash value in their whole life policy.
HSCM Ventures partner Vikas Singhal said: “We strongly believe in the Inclined mission and are excited to partner with the team. Inclined is engaging carriers, policyholders and lenders in a very aligned and coordinated manner and we see policy loan refinancing as just the beginning of what can be unlocked through those integrated relationships.”
Singhal will be joining the board of directors at Inclined.
Inclined CEO and co-founder Joshua Wyss said: “We are excited to partner with HSCM Ventures and the rest of our investors to tackle the $1 trillion opportunity in whole life cash value access.
“With this capital, we will continue to improve the way people access the equity they have built in their whole life policy while serving as a trusted technology partner to whole life carriers and financial institutions across the US.”