Afficiency raises $7 million
Life insurance distribution platform Afficiency secured $7 million in a Series A round led by IA Capital Group with participation from Impression Ventures, SBLI and Western & Southern Financial Group. Afficiency raised $10.2 million to date.
Founded in 2017, the NY-based startup simplifies the distribution of life insurance products for both carriers and distributors via API and an out-of-the-box customer journey. Afficiency works with its carrier and reinsurance partners to develop products and it currently offers term, whole life, disability, and universal life. The startup claims that products are digitally underwritten and issued to applicants within seconds.
“At Afficiency, we’re on a mission to provide the sellers of life insurance more relevant products and an easier purchasing experience for their clients, and we’re passionate about overhauling the outdated life insurance buying process. This funding round will support us as we expand our partnership network, launch several new products and grow our team with the next generation of insurtech talent.” – Mark Scafaro, CEO and co-founder of Afficiency.
“Afficiency is perfectly positioned to enable digital distribution of life insurance with its suite of APIs, serving as a valued partner for established carriers, distributors and insurtech newcomers. We are thrilled to contribute to Afficiency’s growth story, and we know its technology will continue to fuel innovation to help make life insurance more accessible to those without coverage or underinsured.” – Rick Viton, partner at IA Capital Group.