iCover, a Missouri-based Insurtech that provides an algorithmic underwriting and QUI based eApp Service for life insurance companies, raised $5 million in Pre-Series A funding.
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Lead investor for the round is Kesan Parasuraman, a private investor who also led iCover’s Seed round in August 2021. The company intends to use the funds raised to increase technical staff, expand sales and marketing, and bolster R&D efforts related to their AI underwriting framework and private Blockchain network.
iCover is currently working with six (6) insurance companies and launching an array of products that include, Income Protection, Final Expense, Term and Whole Life. Insurance companies will use iCover’s proprietary AI / algorithmic underwriting platform with the patent-pending QUI™ eApp technology to deliver a 5-minute point-of-sale buying journey for consumers.
iCover’s omnichannel capabilities will help insurance partners launch products and sell through agency, direct to consumer and embedded channels.
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“In terms of traction and momentum, 2022 has been a great year so far. Fast and accurate Point-of-Sale underwriting has become more relevant than ever before. With this capital infusion, we can fuel our sales and marketing efforts through 2023 and expand iCover’s Intellectual Property with increased R&D in the areas of AI and Blockchain,” said Hari Srinivasan, Founder & CEO for iCover.
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