Aspen Capital Group funding reinforces insurtech leader’s role in strengthening traditional life carriers for the 21st century
Sureify, a leading digital insurance platform designed to modernize the life insurance and annuity industry, announced a $15M Series C fundraise led by Aspen Capital Group with participation from existing investors.
As digital transformation envelops the world, taking over businesses from banking to ride sharing to shopping, even traditional industries like life insurance find themselves conforming to this new paradigm. Much attention is being given to the relatively new direct-to-consumer model, with platforms like Ladder Life, Haven Life, Ethos, Bestow, and Fabric taking up increasing space in the industry. However, legacy insurers are firing back with help from insurtech partners.
“Sureify has been on a mission to modernize the life insurance industry for nearly 10 years,” CEO Dustin Yoder explained. “We’ve now proven both large and small life insurers can digitally transform to compete against the direct-to-consumer entrants and meet the ever-changing consumer expectations year over year. More importantly, insurers can modernize on top of their existing systems, do it in unprecedented timeframes and stick within budgets. There are no longer questions about if traditional insurers can digitally transform sales, service or engagement. The only real question is when?”
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Sureify’s Lifetime platform is used by industry-leading life insurers, such as Allstate, Amica, Principal, Modern Woodmen of America, State Farm, AAA Life, Brighthouse Financial and Vantis Life (a Penn Mutual company) to add scale, functionality and efficiency without the need for hiring additional people, building proprietary software or taking on other expenses traditionally required to meet modern customer expectations. This uniquely prepares insurers to meet ever-changing customer needs and compete in the digital arena.
“Sureify’s innovative, white-label SaaS solution addresses an enormous market opportunity and provides significant ROI to clients. Their platform enables life insurers to build on important agent/policyholder relationships with personalized sales, service and meaningful ongoing engagement at a fraction of the time and cost required to revamp a legacy back-end system,” said Steve Jones, Managing Partner of Aspen Capital Group. “We are honored to partner with their visionary Management Team to further accelerate the growth of this world-class company.”
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According to Yoder, the capital investment will allow Sureify to further build out its platform and amp up research and development efforts to ensure market leadership for years to come. “Ultimately, this funding lets us expand our insurers’ capabilities across digital sales, digital service and digital engagement,” he said. “There is a massive opportunity to continue modernizing the legacy aspects of this industry and this investment in Sureify reinforces that we will help the traditional insurer compete against the emerging digital brands,” he said.
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