Many tech startups are seeing a decrease in organisation activity due to the COVID-19 break out. That’s not the case for Jenny Life, a Seattle life insurance startup that is experiencing an 800% spike in consumer engagement since the unique coronavirus began spreading out in the U.S.
Jenny Life today announced a $3.5 million investment round to help fuel development and support the increase in need over the past couple of months.
Established in 2017 by insurance market veterans Chirag Pancholi and Lief Larson, Jenny Life intends to help women and moms look for life insurance policies within minutes. The service differs from standard sign-up procedures– it does not need health exams or comprehensive documentation.”In this service climate, people are hungrier than ever for info about
their financial security, “Pancholi said in a statement. “We’re improving the breadth, depth, and quality of our offerings to support the growing interest we’re seeing from families.”Life insurance applications were up last month, Organisation Insider reported. Most policies likely cover deaths from COVID-19, NerdWallet kept in mind. Other start-ups supporting end-of-life procedures are also seeing increased use, consisting of Seattle-based Tomorrow, which helps individuals develop legal wills. Pancholi formerly worked in investment banking and held executive functions at Nextel and Asurion.
He founded Wisemuv in 2009 and co-founded Engage.co in 2015. Larson is a long-time business owner, establishing Kiosk.com in 1999 and Sportzy in 2013. He also spent 7 years at Workface in Seattle and helped Pancholi launch Engage.co. CMFG Ventures, the financial investment arm of insurance provider CUNA Mutual Group, took part
in the Series A round, along with other concealed backers. “JennyLife has actually made remarkable progress considering that its launch and is poised to end up being
the most trusted source for helping households maintain monetary stability must they endure life’s darkest moments,” Brian Kaas, president of CMFG Ventures and a JennyLife board member, said in a declaration. Jenny Life employs 10 people and anticipates to double headcount this year with the new financing.
It has actually raised$5 million to date. Assurance, another Seattle-area insurance tech start-up, offered to Prudential for$2.35 billion in 2015. Financing to insurance coverage tech companies reached record highs in 2019, Deloitte reported. Source: geekwire.com