Life insurance start-up Getlife becomes Life5 and raises $10.7 million

Spanish startup Life5 has raised its third round of funding and has grown significantly since my previous post. The company also has a new name as it was previously called Getlife. In addition to its home country, Life5 now sells life insurance products in France.

After raising a €1 million pre-seed round and a €5.5 million seed round, Life5 recently raised a €10 million (equivalent to €10.7 million) Series A round. dollars at the current exchange rate). Existing investor Singular is investing again, alongside Mundi Ventures and Global Brain (Sony Financial Ventures).

Life5 started with a simple premise. Many people, for one reason or another, want to purchase a life insurance product. And yet, it is often a painful process because insurance companies sometimes require medical examinations. In other cases, they just won’t insure you because of a pre-existing condition or because you don’t fit the bill.

In order to modernize this industry, Life5 works with several insurance companies and simplifies the underwriting process. Customers can sign up in minutes on the Life5 website. They just have to fill out a form.

The company’s underwriting engine can handle 700 at-risk illnesses and occupations, dramatically increasing the acceptance rate. The startup acts as managing general agent and partners with insurers and reinsurers, such as Axa and CNP Assurances.

Based on your age, answers and needs, Life5 will recommend a specific life insurance product to protect your loved ones in the event of sudden death. In Spain, you can insure a mortgage or leave a capital for example.

“At Life5, we want people to have access to fair and modern life insurance policies, without the fine print. Our goal is to banish the idea that buying life insurance is a complicated process, c ‘s why we offer users the possibility of purchasing life insurance simply and quickly,” said co-founder and CEO Guillermo Alén in a press release. “This new round of funding will allow us to continue our growth and revolutionize the life insurance sector by offering distinct solutions”

Although Life5 has already raised quite a bit of money, it remains a small player in the insurance industry as only 9,000 families are currently covered by a Life5 insurance product.

In addition to the direct-to-consumer distribution channel, Life5 partners with brokers, agents, and affiliates to distribute its products. After Spain and France, the company plans to expand into Germany and Portugal.