Amplify Life Insurance, a leading digital platform transforming wealth-building through permanent life insurance, announced today it has secured $20 million in a Series B funding round co-led by Crosslink Capital and Anthemis. The new investors Moneta Ventures and Evolution Ventures joined the round, with continued support from existing investors Greycroft, Munich Re Ventures, and Foxe Capital.
Launched in 2019, Amplify enables customers to build tax-efficient wealth through life insurance premiums, offering access to the policy’s cash value for any purpose while alive. And by focusing on a customer-first experience, Amplify transforms the traditional life insurance model, making valuable permanent life insurance accessible to a broader market, including businesses seeking tax-efficient cash management solutions.
With this funding round, Amplify will soon be launching the first in a suite of proprietary products tailored to what customers are looking for. These products will not only offer a customer-centric experience, but also strengthen unit economics.
Amplify also welcomed two new Board Members to help fuel the upcoming growth and development: Michelle Cheung, prior CFO of Next Insurance, and Mark Williamson, prior COO of Masterclass.
Since the Series A funding round, Amplify has achieved 200% year-over-year growth. The company has also developed a proprietary machine learning model for accurate customer lifetime value prediction and ranking. This advanced customer acquisition algorithm has enabled the acquisition of high-value customers, resulting in significantly higher average premiums per policy compared to industry norms. Through end-to-end data capture, Amplify can better manage unit economics and focus on efficiencies in the sales funnel.
KEY QUOTES:
“Our unique approach provides customers with a simple, digital experience while offering more transparent and liquid life insurance wealth products catered towards a younger mass affluent market looking to build long term tax efficient wealth while protecting their families and assets. Our expansion highlights the growing demand for innovative and tax-efficient financial solutions that prioritize customer needs and foster flexible long term wealth accumulation.”
– Hanna Wu, founder and CEO of Amplify
“Amplify is disproving the notion that permanent life insurance can only be sold through the traditional agent channel. We believe Amplify is connecting and strengthening the entirety of the life insurance value chain, offering direct access to a previously underserved customer segment.”
– Amy Nauiokas, Founder and CEO at Anthemis
“Investing in Amplify represents our confidence in the team’s continued ability to democratize an asset class traditionally available only to the wealthy, making it accessible to underserved younger generations.”
– Adoram Gaash, Managing Partner of Moneta VC
