Modern Life has raised $20 million in Series A funding as it scales its AI-driven life insurance brokerage designed to help financial advisors navigate a historically complex sector. Thrive Capital led the round with participation from New York Life Ventures, Northwestern Mutual Future Ventures, and Allegis. This investment brings the company’s total funding to $35 million following its previous $15 million seed round, also led by Thrive Capital.
The company has quickly expanded since its inception, developing capabilities including instant quoting, data-driven underwriting, Express Decision instant decisioning, and an end-to-end agency management system. The new capital will support national growth strategies, deepen the company’s carrier and distributor partnerships, and accelerate product development across its proprietary AI platform.
Modern Life is positioning its technology to address one of the last major financial services segments in need of modernization. The U.S. life insurance market is valued at approximately $175 billion. It is largely advisor-distributed, with an estimated 90 percent of policies sold through professionals who must reconcile financial planning, tax considerations, product selection, and medical underwriting. A permanent life insurance policy often takes 6 months to close, and Modern Life aims to reduce this through automation and advanced data capabilities.
The company’s platform embeds AI throughout the client journey to help advisors streamline operations and improve case turnaround times. Modern Life says the technology supports advisors in four principal areas:
- Underwriting and risk assessment that can review medical and financial data in minutes and match clients with suitable carriers.
- Advice and recommendations that integrate insurance, tax, and financial planning.
- Workflow automation that reduces delays and surfaces key information throughout the process.
- Client lifecycle management through a secure, unified dashboard for applications, data, quotes, and medical evidence.
Advisors using the platform have access to more than 30 carriers offering term life, permanent life, annuities, and long-term care products. Its quoting tools can reduce the time required to generate comparisons from hours to minutes. Through Express Decision, Modern Life reports that clients may receive underwriting offers four times faster than through traditional methods, sometimes in just minutes. The company also highlights potential cost savings of up to 20 percent resulting from optimized product selection, underwriting strategies, and advocacy throughout the process.
Modern Life emphasizes enterprise-grade security and SOC 2 certification, positioning the platform as a compliant environment for managing sensitive financial and medical information. The company is licensed in all 50 states and says its combination of AI-enhanced underwriting, advanced workflow tools, and expert support enables advisors to operate more efficiently while delivering improved client outcomes.
KEY QUOTES:
“Life insurance remains one of the biggest untapped opportunities in financial services. Modern Life is reimagining how the industry works by empowering advisors with cutting-edge, AI-powered tools, unlocking lasting value for the entire ecosystem.”
Nabil Mallick, Partner at Thrive Capital
“We started Modern Life to solve a clear problem: we believe that advisors have an incredibly important job but face a complex and dizzying set of obstacles to serve their clients well. We provide everything that advisors need to deliver better client outcomes and run their firms more efficiently, at scale. We have been pushing the frontier of what is possible in life insurance, integrating what would have otherwise been served by over 10 fragmented legacy tools into a singular platform, removing friction across the entire client journey. Our AI helps advisors navigate the most complex parts of the job – it’s like having a medical underwriter, tax expert, financial planner, product specialist, and marketer at your side.”
Michael Konialian, Founder and CEO of Modern Life
“Our experience at New York Life Ventures points to a simple truth: advisors are essential to how life insurance is purchased. Modern Life has built its growth on this foundation, using AI to elevate what advisors do best – serving their clients.”
Tim Del Bello, Head of Investments at New York Life Ventures
