Modern Life raises $20 million

Life insurance brokerage Modern Life has raised $20 million in Series A funding led by Thrive Capital, with participation from New York Life Ventures, Northwestern Mutual Future Ventures, and Allegis. The startup has raised $35 million to date.

Founded in 2022, Modern Life gives life insurance agents access to more than 30 carriers and “every major product type” from permanent and term life to annuities and long-term care. The platform features the industry’s most advanced instant quoting capabilities, according to the company.

“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 serving 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.