Photo: Finaeo
Finaeo, a Toronto-based insurance tech company, announced it has raised $5.35 million in a round of funding led by Luge Capital. RGAX, a transformation unit of global reinsurer RGA, also joined this round along with Rising Tide Fund, inovia capital, and an angel syndicate led by AngelList partner Alex Norman. And this investment had follow-on participation from all previous major investors including Impression Ventures and iGan Partners.
“Over the last three years, we’ve laid the foundation. With this new injection of capital, we can take the next steps toward executing our vision of moving this industry forward,” said Finaeo co-founder and CEO Aly Dhalla. “We plan to further invest in product development, customer acquisition and geographical expansion—starting with the US.”
Finaeo’s goal is to become the digital fabric that connects and powers the life insurance industry by creating a network of insurance carrier around the world. And the company digitizes the experience for all stakeholders that is core to realizing that vision.
“The life insurance industry has been very slow to evolve,” added Luge Capital general partner Karim Gillani. “Finaeo’s mission is to build the plumbing that digitizes the insurance industry for both advisor-assisted and self-serve experiences. They’re building Amazon for insurance products, and the Finaeo team has the right pedigree to orchestrate that mission.”
The digital front-end of Finaeo enables insurance advisors to sell personalized and curated life insurance products to end customers efficiently across Canada. And the back-end connectivity to insurance carriers will soon enable real-time application submission, real-time adjudication, and real-time application status — which will enable a customer-centric approach to interacting with the insurance industry. And Finaeo also developed ground-breaking technology to help insurers to digitize applications and create dynamic underwriting and automate legacy systems.
“Finaeo is bringing much-needed automation that will vastly improve the level of service advisors can provide,” Impression Ventures founder and managing partner Christian Lassonde commented. “When we first invested, their tech was very much in its infancy. But today, we’re seeing that early promise realized, and it’s beyond exciting. There are still challenges to overcome, but Finaeo has the talent and track record to succeed.”
