- Signal Advisors — a tech-enabled distributor of annuities and life insurance — announced recently that it raised a $10 million Series A led by General Catalyst. These are the details.
Signal Advisors — a tech-enabled distributor of annuities and life insurance — announced recently that it raised a $10 million Series A led by General Catalyst, which closed in December 2020. And the Detroit-based fintech company also finalized a $6 million seed financing round in July of 2020 with participation from Detroit Venture Partners, Ludlow Ventures, General Catalyst, Mercury Fund, Annox Capital, SV Angel and others, raising $16 million in total to build out an end-to-end platform for independent financial advisors.
Signal plans to use this new funding to invest in extending the platform from a specialized platform for annuities, to a true end-to-end platform for the independent financial advisor. And Signal Advisors recently welcomed Robert Mylod to their board of directors.
Faster access to capital through Signal Advisor’s TruePay solution – which tracks commissions in real-time and advances payout ahead of carrier payments. And once an advisor submits the client paperwork required to buy an annuity, Signal pays commissions within 24 hours, rather than waiting the standard 30+ days for the carrier payment.
Signal Advisors had debuted its platform in August of 2020 and is led by its co-founders, CEO Patrick Kelly, CTO Kevin O’Hara, and President Jacob Cohen.
And Signal Advisors’ business model features user-friendly technology that simplifies the sale of annuities, including licensing & contracting, new business submission, in-force policy management, 1-click annual reviews, case design, commission management, and more.
Kelly started his career as a financial advisor at Northwestern Mutual until transitioning to his independent advisory firm Kelly Capital Partners. And he went on to found insurtech startup RepPro, a pioneer in electronic applications for annuities and life insurance, that was acquired by RetireUp in 2018. O’Hara is a veteran software architect and industry-leading technologist, most recently leading software development at Bluewater Technologies and VC-backed SaaS company LevelEleven. Cohen is bringing his experience as a tech investor, having spent the past 10 years as a partner at Detroit Venture Partners.
KEY QUOTES:
“We’ve seen a lot of capital investment in technologies that promise to replace financial advisors. But the bigger opportunity, by far, is to build technology that empowers advisors.”
— Robert Mylod, managing partner of Annox Capital
“We started with annuities, because advisors simply don’t have great options for this technology today. But that’s just the beginning. We want to provide independent financial advisors with an integrated platform. Whatever their needs, whatever their clients need, the technology and service can provide a seamless experience.”
— Pat Kelly, Co-Founder and CEO of Signal Advisors
“Financial services are all becoming tech-enabled, and they are converging. In the future, you might rely on your independent financial advisor for help with estate planning, taxes, insurance. They could sell you a term life policy and refinance your mortgage. Technology will make it commonplace for one trusted advisor to provide their client with great service across many offerings.”
— President Jacob Cohen
