Digital Life Insurance Platform Bestow Raises $70 Million

By Amit Chowdhry ● Dec 27, 2020
  • Bestow – a full-stack life insurance company – announced a $70 million Series C funding round to help expand access to life insurance. These are the details.

Bestow – a full-stack life insurance company – announced a $70 million Series C funding round to help expand access to life insurance. And with $145 million in total funding secured to date, Bestow will launch innovative products, scale platform services, and accelerate growth into new distribution channels and partnerships.

And this funding round came from new and existing investors, including Breyer Capital, Valar Ventures, New Enterprise Associates, Core Innovation Ventures, Morpheus Ventures, and Sammons Financial. Launched 3 years ago, Bestow has built from the ground up products and technologies that are expanding the market and reimagining life insurance distribution.

Across direct-to-consumer, fintech, and agent channels, 85% of Bestow applicants are new to life insurance, 70% of customers buy a policy on a mobile device in as little as 5 minutes, and 100% of customers instantly secure coverage without a phone screening, doctor’s visit or blood test.

Bestow’s proprietary full-stack platform will help propel growth into new insurtech, carrier, and partner channels in 2021. And in addition to sales rising more than 450% year-over-year, Bestow has invested in key growth initiatives including acquiring a nationally-licensed carrier, launching Protect API, expanding into fintech and independent agent channels, and hiring over 70 new team members this year.

And notable hires include Chief Distribution Officer Steve Robinson, Chief Financial Officer Claire Martin, Chief Technology Officer Chris Copeland, Chief Underwriter Jennifer Richards, Head of People Lizette Fleher, and Head of Product Adam Boender.

KEY QUOTES:

“While the adoption of technology has transformed many financial services, the life insurance industry lags far behind in its ability to appeal to a digital consumer. Bestow is a new breed of life insurer, built for future generations, with the ability to provide attractive products and services for our customers and partners. This funding allows us to propel our vision to scale protection to millions of underserved families.”

– Melbourne O’Banion, Co-founder and CEO of Bestow

“We strategically built Bestow’s digital infrastructure and services to support virtually any life insurance product across any channel. Beyond direct-to-consumer, Bestow provides fintechs, agents, carriers and more with the necessary tools to integrate life insurance products into their businesses seamlessly. This creates enormous opportunities for growth and engagement never seen before in our industry.”

– Jonathan Abelmann, Co-Founder and President of Bestow