Canadian insurtech Breathe Life has gained C$4.5m ($3.43m) funding in a seed round led by Diagram Ventures with participation from Real Ventures.
The technology company is planning to spend the money for new hiring and to continue the company’s expansion into the US.
Breathe Life offers white-label solutions to life and health carriers, distribution organisations, and advisors, and helps them to identify potential customers, match them to the right products and sell insurance on their smartphones or desktops.
Breathe Life co-founder and CEO Ian Jeffrey said: “The life insurance industry faces distribution challenges as more consumers expect a fast and seamless digital buying experience.
“At the same time, the opportunity for providers to target and engage with consumers on their own terms has never been greater.
“Breathe Life helps distributors tap into vast and underserved markets with digital solutions that make it more efficient and cost-effective both to find and acquire new customers and nurture existing ones.”
The insurtech start up said that its customer and investor National Bank achieved an 18% increase in sales and a 26% increase in first-year premiums in just 13 weeks of using Breathe Life. The solution also helped the bank to cut the cost of customer acquisition by 33%.
Diagram Ventures founder and CEO Francois Lafortune said: “Breathe Life is helping insurance carriers and distributors to get ahead of the pack, taking advantage of the latest technologies to win market shares vs. traditional competitors and to compete head-to-head with technology-first new entrants.
“The experienced team of entrepreneurs and operators at Breathe Life have made incredible progress to date, and we look forward to supporting the company as it continues to grow.”