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October 4, 2022

Munich Re Ventures invests in digital life insurance platform

Digital life insurance platform Amplify has announced a new investment round led by Munich Re Group’s venture capital arm Munich Re Ventures (MRV).

This investment brings the company’s total funding to $25.1m.

Earlier this year, the company raised $12m in Series A funding round, which was jointly led by Crosslink Capital and Greycroft . The round was also joined by Conversion Capital , Anthemis, and Transverse Asset Management.

Amplify allows customers to invest in public markets using their life insurance premiums and offers direct access to tax-efficient returns for their lifetime.

Its digital interface offers a personalised plan based on the financial goals, risk tolerance, and underwriting risk profile of the customers.

Additionally, the customers can select the premium amount invested in tax-efficient investments and also check how much goes to their life insurance coverage.

The company aims to democratise access to permanent life insurance and allow its customers to invest premiums in public markets.

It intends to reduce friction and human-to-human administrative processes in policy servicing, payments, customisation, underwriting, claims management, and more, using the proceeds raised from the new funding round.

Amplify plans to implement a completely automated underwriting process using Munich Re Life US’ risk assessment and instant decisioning platform, aletheia.

It will further develop the life insurance ecosystem that is required for democratising permanent life insurance, with the help of MRV and Munich Re.

MRV investment principal Ben Bergsma said: “Permanent life insurance is a powerful financial product that has completely flown under the radar during the insurtech boom of the last five years.

“Amplify is using new and innovative digital-first distribution methods to bring the financial security and wealth generation possibilities of a Variable Universal Life Insurance product to a new, younger market.”

Amplify has also added former CEO and Personal Capital current president Jay Shah to its Directors Board.

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