iCover, a US-based insurtech that offers algorithmic underwriting platform as a service (PaaS), has raised an undisclosed sum in its seed funding round.
iCover plans to use the latest fund infusion to launch a direct-to-consumer offering to expand insurance distribution, hire technical staff and focus on sales and marketing.
Concurrently, iCover announced a multi-year partnership with a community-focused life insurance company, KSKJ Life.
The partnership will allow iCover to onboard life insurer’s offerings to digitise their new business operations.
KSKJ Life, which is licensed to operate in 19 states of the US, offers insurance solutions such as final expanse, term life, whole life, and annuities.
iCover algorithmic underwriting platform is cloud-based that enables the insurer to sell to the middle market.
It leverages data and predictive analytics and claims to quote, underwrite, and deliver life insurance in under five minutes.
iCover CEO Hari Srinivasan said: “KSKJ Life is an ideal partner for iCover, they have an innovative mindset, agile approach to delivery and the suite of products that could help enhance the iCover platform.”
KSKJ Life CEO Tony Mravle said: “We are excited about the partnership we have established with the iCover team. The experience and expertise that they offer, from the platform to business development, support our growth strategies and commitment to provide excellent service to our members and agents.”
Last month, insurtech start-up Koop Technologies raised $2.5m in a seed funding round.
Koop Technologies is also based in the US and specialises in autonomous vehicles and robotics risks.