Amplify partners with Munich Re
Amplify Life Insurance, a digital provider of term, permanent, and cash value life insurance, announced an investment round led by Munich Re Ventures, with follow on investment by Crosslink Capital, Greycroft, and Conversion Capital. The investment brings Amplify’s total funding to $25.1 million.
Founded in 2019, Amplify’s digital interface provides customers with a customized policy based on their financial goals, risk tolerance, and underwriting risk profile. Most Amplify customers are able to get a life insurance investment policy within days and without a medical exam.
This investment accompanies a partnership whereby Munich Re will help Amplify implement a fully automated underwriting process through alitheia, Munich Re Life US’ risk assessment and instant decisioning platform. With the help of MRV and Munich Re, Amplify will further build the life insurance ecosystem needed to “democratize permanent life insurance.” Amplify will continue to focus on expanding the digital life insurance offerings including a mobile application to be launched later this year that will allow customers to manage their life insurance policies and investment portfolios.
“With Munich Re Ventures at the table, Amplify gains an industry leading investor whose insurance expertise is primed to propel Amplify through the next phase of growth.” – Hanna Wu, co-founder and CEO at Amplify.
“Permanent life insurance is a powerful financial product that has completely flown under the radar during the insurtech boom of the last five years. Amplify is using new and innovative digital-first distribution methods to bring the financial security and wealth generation possibilities of a Variable Universal Life Insurance product to a new, younger market. It is a privilege to be part of Amplify’s journey as they provide this powerful tool to the masses.” – Ben Bergsma, Investment Principal at Munich Re Ventures.