USA-based the first digital life insurance company built for modern families, Dayforward raised USD 25 million in recent financing. The company announced the fundraise on January 23, 2023. AXA Venture Partners led the financing for the company. Meanwhile, existing investors, including HSCM Ventures, Juxtapose, and Munich Re Ventures, participated in the financing.
Besides the funding, the company announced the acquisition of Commercial Travelers Life Insurance Company. The latter is a storied insurance carrier founded in 1883.
Purpose of funding and acquisition by Dayforward
With the latest financing, Dayforward seeks to invest in three key areas in 2023. Firstly it seeks to scale its business nationwide. Besides, it aims to launch its proprietary solutions through strategic partners. In addition, the company has plans to develop new insurance products for its portfolio.
Moreover, Dayforward’s acquisition of Commercial Travelers Life Insurance Company (CTLIC) enables it to expand nationally and broaden its product lines across life, health, disability and retirement, making the company a more comprehensive financial security solution to its customers and partners.
What the investors have to add
Vikas Singhal, Founding Partner of HSCM Ventures, further said, “Dayforward is a product-first, tech-enabled life insurance start-up that now has the ability to distribute through multiple channels – direct, agent, and partner – almost nationally. As a full-stack insurance company with a focus on automated underwriting and a streamlined front-end, Dayforward is positioned to innovate across core areas of the industry and seeks to bring customized products to the market that fit specific customer needs. We are excited to partner with Aaron and the team.”
In addition, Manish Agarwal, General Partner at AVP, said, “Companies have talked about the life insurance gap in the US forever. Dayforward is on a mission to help close this gap and bring financial security to millions of under-insured Americans by rethinking the life insurance buying process from the group up, starting with an innovative product design, a modern way of educating and approaching customers and delivering a seamless buying experience powered by clean UI and data-driven underwriting. We are thrilled to be part of their journey and partner with Aaron and the team in building a great company.”
Besides, Patrick Chun, Founding and Managing Partner of Juxtapose, said, “The life insurance industry is going through a massive transformation, and Dayforward has been driving significant change in the space. Dayforward is paving a first-of-its-kind path as a digitally-native, full-stack insurance provider with the core infrastructure needed to build best-in-class products for the modern customer across all channels. We’re thrilled to partner with Aaron and his team as they continue to redefine insurance products across the industry.”
What the Dayforward official has to say
Aaron Shapiro, Founding CEO of Dayforward, said, “Today, families go through great difficulty to get the financial security they need. Life insurance can be a tedious and confusing process. We’ve made life insurance simple and easy to buy, with smarter coverage for families. We’re excited that we can now offer life insurance through Dayforward to families across most of America, with the rest of the country soon to follow.”
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