February 21, 2024
Dayforward Raises M and Acquires Business Vacationers Life Insurance coverage Firm to Develop Life Insurance coverage Providing Nationwide

The digital-first life insurance coverage firm builds on its preliminary profitable launch with a service acquisition to broaden nationally, bringing monetary safety to households with revolutionary new merchandise and expertise

NEW YORK, Jan. 23, 2023 /PRNewswire/ — Dayforward, the primary digital life insurance coverage firm constructed for contemporary households, introduced right this moment its acquisition of Business Vacationers Life Insurance coverage Firm, a storied insurance coverage service based in 1883. The acquisition coincides with launching Dayforward’s progressive life insurance coverage answer in 38 states plus Washington, D.C., with continued nationwide growth all through 2023. The corporate additionally introduced a $25M spherical of funding led by AXA Enterprise Companions, with participation from current traders together with HSCM Ventures, Juxtapose, and Munich Re Ventures.

Dayforward Raises M and Acquires Business Vacationers Life Insurance coverage Firm to Develop Life Insurance coverage Providing Nationwide

Dayforward is the primary digital life insurance coverage firm constructed for contemporary households.

Dayforward launched in 2021 with the mission to assist households throughout the nation create monetary safety for the folks they love. Its progressive time period life insurance coverage providing ensures the policyholder’s household will proceed to obtain their revenue within the occasion that the policyholder passes away. The corporate’s newest funding spherical brings the corporate’s mixture quantity of capital raised to $45M, will enable Dayforward to put money into three key areas in 2023: scaling its enterprise nationwide, persevering with to launch its proprietary options via strategic companions, and growing new insurance coverage merchandise for its portfolio.

“Right this moment, households undergo nice problem to get the monetary safety they want. Life insurance coverage generally is a tedious and complicated course of,” stated Aaron Shapiro, Founding CEO of Dayforward. “We have made life insurance coverage easy and simple to purchase, with smarter protection for households. We’re excited that we will now supply life insurance coverage via Dayforward to households throughout most of America, with the remainder of the nation quickly to comply with.”

The acquisition of Business Vacationers Life Insurance coverage Firm (CTLIC) will allow Dayforward to broaden nationally and broaden its product traces throughout life, well being, incapacity and retirement, making the corporate a extra complete monetary safety answer to its prospects and companions. Dayforward’s proprietary expertise and automatic underwriting system ship a best-in-class shopper expertise that enables prospects to finish a easy utility on-line and get an on the spot choice at an amazing worth. Dayforward can also be obtainable via a rising variety of companions throughout the nation. Its insurance policies are reinsured by Munich Re Life US, a member of the Munich Re Group, which is among the world’s main suppliers of reinsurance, major insurance coverage and insurance-related threat options.

“Dayforward is a product-first, tech-enabled life insurance coverage start-up that now has the flexibility to distribute via a number of channels – direct, agent, and associate – nearly nationally,” stated Vikas Singhal, Founding Associate of HSCM Ventures. “As a full-stack insurance coverage firm with a deal with automated underwriting and a streamlined front-end, Dayforward is positioned to innovate throughout core areas of the {industry} and seeks to convey personalized merchandise to the market that match particular buyer wants. We’re excited to associate with Aaron and the staff.”

Dayforward is based and led by senior executives from throughout the expertise, advertising and marketing and insurance coverage areas. Shapiro was beforehand Founder and CEO of Enormous, a digital transformation consultancy acquired by the Interpublic Group and Founder and CEO of Silverpop, a advertising and marketing automation SaaS that was offered to IBM. Matthew Wolf, Dayforward’s Head of Insurance coverage Product and Actuary, was beforehand Actuarial Lead at Haven Life, the digital innovation unit of MassMutual. Different executives embody Head of Finance Zohaib Rathore, beforehand the Chief Threat

Officer and Chief Actuary of LogitudeRe; Zoe Nolan, Head of Operations, who beforehand labored with Shapiro at Enormous and was most just lately a part of the management staff at Havas; Austin Riendeau, Head of Expertise, who joined from Bitly; and Felicia McElhaney, Head of Underwriting, who beforehand held underwriting management roles at Nationwide Life Group and Crump Insurance coverage Companies.

Dayforward’s Board of Administrators additionally has intensive {industry} expertise as effectively, together with: Maria T. Vullo, former Superintendent of the New York State Division of Monetary Companies; Paul Rooney, former World Chief Working Officer of Manulife; Elaine A. Sarsynski, former Chairwoman, President and CEO of MassMutual Worldwide; and Ronald Pressman, former CEO of TIAA-CREF Institutional.

“Corporations have talked in regards to the life insurance coverage hole within the US endlessly. Dayforward is on a mission to assist shut this hole and convey monetary safety to million of under-insured Individuals by rethinking the life insurance coverage shopping for course of from the group up beginning with an progressive product design, a contemporary approach of training and approaching prospects and delivering a seamless shopping for expertise powered by clear UI and information pushed underwriting. We’re thrilled to be a part of their journey and associate with Aaron and the staff in constructing an amazing firm.” Says Manish Agarwal, Normal Associate at AVP.

“The life insurance coverage {industry} goes via an enormous transformation and Dayforward has been driving vital change within the area. Dayforward is paving a first-of-its-kind path as a digitally-native, full stack insurance coverage supplier with the core infrastructure wanted to construct best-in-class merchandise for the fashionable buyer, throughout all channels,” saidPatrick Chun, Founding and Managing Associate of Juxtapose. “We’re thrilled to associate with Aaron and his staff as they proceed to redefine insurance coverage merchandise throughout the {industry}.”

Dayforward bought Business Vacationers Life Insurance coverage Firm from Nationwide Guardian Life Insurance coverage Firm upon receipt of all regulatory approvals. With the acquisition, Dayforward will proceed to honor and repair current Business Vacationers Life Insurance coverage Firm insurance policies that embody incapacity, accident, and different ancillary well being merchandise. Knut Olson, NGL’s President & CEO acknowledged: “NGL is happy to have accomplished this transaction with Dayforward and want them effectively of their endeavors. This transaction represents one of many last items in our 4 yr journey to simplify our enterprise mannequin and to focus our capital on our social function of serving to extra Individuals pre-plan and fund their funerals.”

To study extra about Dayforward, go to www.dayforward.com.

About Dayforward

Dayforward is a digital life insurance coverage answer constructed for contemporary households. As a full stack service, Dayforward manufactures and distributes monetary safety merchandise which can be simpler to know and purchase. The corporate was based in 2020 with funding backing from AXA Enterprise Companions, HSCM Ventures, Juxtapose and Munich Re Ventures; all insurance policies offered by Dayforward are reinsured by Munich Re Life US.

About AXA Enterprise Companions

AXA Enterprise Companions (AVP) is a worldwide enterprise capital agency with over $1.2B of belongings below administration. AVP invests throughout phases in quickly rising tech firms in enterprise, fintech, shopper and digital well being sectors. With places of work in Paris, London and New York, AVP helps firms scale internationally. AVP additionally affords portfolio firms distinctive enterprise growth alternatives to additional speed up their development.

About HSCM Ventures

HSCM Ventures is the enterprise capital arm of Hudson Structured Capital Administration Ltd., doing its re/insurance coverage enterprise as HSCM Bermuda (“HSCM”). HSCM is a registered funding adviser centered on different investments within the Re/Insurance coverage and Transportation sectors. As of September 1, 2022 HSCM has greater than $3.5 billion in belongings below administration and dedicated capital. For extra data on HSCM Ventures please go to www.hscmventures.com. For extra data on HSCM please go to www.hscm.com.

About Munich Re Ventures

Munich Re Ventures is the enterprise capital arm of Munich Re Group, one of many world’s main suppliers of reinsurance, major insurance coverage, and insurance-related threat options. With greater than $1 billion in belongings below administration, Munich Re Ventures invests in probably the most progressive start-ups remodeling the way forward for threat and threat switch. MRV’s skilled traders are financially-driven whereas centered on the strategic pursuits of Munich Re and the broader insurance coverage {industry}. MRV works intently with Munich Re Group companies throughout the globe to fund and associate with the perfect rising firms growing new applied sciences and enterprise fashions – and dangers – for tomorrow’s world.

About Juxtapose

Juxtapose is a creation-oriented funding agency that’s completely centered on constructing industry-transforming companies from the bottom up. Based by Patrick Chun and Jed Cairo in 2015, Juxtapose Ventures has supported the creation and financing of expertise firms, together with healthcare and tech companies comparable to Care/of, Have a tendency, Trendy Age, Forme Monetary, and Herself Well being. Juxtapose companions with the world’s most skilled and gifted entrepreneurial operators to discovered and scale category-defining expertise firms which can be set as much as win within the industries through which they function. Learn extra at juxtapose.com.

About NGL

Established in 1909 Nationwide Guardian Life Insurance coverage Firm (NGL) is an insurance coverage firm headquartered in Madison, Wis. Licensed to do enterprise in 49 states and the District of Columbia, NGL markets preneed and particular person life and annuities, in addition to group markets merchandise. Details about NGL could be discovered at www.nglic.com; Fb: Fb.com/NGLIC and LinkedIn:
https://www.linkedin.com/firm/national-guardian-life-insurance-company.

Nationwide Guardian Life Insurance coverage Firm isn’t affiliated with The Guardian Life Insurance coverage Firm of America a/ok/a The Guardian or Guardian Life.

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