Digital-First Life Insurance Platform Amplify Announces New Investment Round Led by Munich Re Ventures
Company Aims to Democratize Access to
Amplify is the first digital platform that offers customers the ability to invest in public markets with their life insurance premiums, accessing tax-efficient returns throughout their lifetime via a product that has been historically available primarily to affluent and more mature demographics. Amplify's digital interface provides customers with a customized policy based on their financial goals, risk tolerance, and underwriting risk profile. Customers can also choose how much of their premiums are invested in tax-efficient, high-growth investments and how much goes towards their life insurance coverage. With built-in capabilities for expedited underwriting and policy delivery, most Amplify customers are able to get a life insurance investment policy within days and without a medical exam.
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Additionally, Amplify has added former CEO and current President of
"Having spent the majority of my career running and advising fintechs across the consumer lending, banking and wealth verticals, I couldn't be more excited to bring my operational knowhow to the board of Amplify," said Shah. "Pattern recognition is an invaluable way to accelerate growth so I'm looking forward to unlocking great value for Amplify's customers with Hanna and the team."
With this new funding round, Amplify is focused on reducing friction and human-to-human administrative processes in policy customization, payments, underwriting, servicing, claims management, and more. As part of the move towards building a customer-centric, easy-to-use platform, this investment accompanies a partnership whereby Munich Re will help Amplify implement a fully automated underwriting process through alitheia, Munich Re Life US' risk assessment and instant decisioning platform.
"Permanent life insurance is a powerful financial product that has completely flown under the radar during the insurtech boom of the last five years," said
With the help of MRV and Munich Re, Amplify will further build the life insurance ecosystem needed to democratize permanent life insurance. Amplify will continue to focus on expanding the digital life insurance offerings including a mobile application to be launched later this year that will allow customers to manage their life insurance policies and investment portfolios. The company will also hire across teams including engineering, product, data science, customer experience, and marketing.
Amplify is the first digital permanent life insurance platform offering customers direct access to products where you access tax-efficient investment returns and obtain lifelong protection. It's founded by serial entrepreneurs with industry and technology expertise looking to modernize the
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