Dayforward raises $25 million, acquires Commercial Travelers Life Insurance Company
Digital life insurance startup Dayforward has closed a $25 million funding round led by AXA Venture Partners, with participation from existing investors including HSCM Ventures, Juxtapose, and Munich Re Ventures.
The startup also announced the acquisition of Commercial Travelers Life Insurance Company from National Guardian Life Insurance Company as it looks to expand nationally and broaden its product lines across life, health, disability and retirement. The acquisition coincides with launching Dayforward’s life insurance product in 38 states plus Washington, D.C. Dayforward now operates two fully licensed and regulated insurance companies.
Founded in 2021, Dayforward raised $45 million to date and policies are reinsured by Munich Re Life US.
“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.” – Aaron Shapiro, founding CEO of Dayforward.
“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 million 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.” – Manish Agarwal, general partner at AVP.
“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.” – Patrick Chun, founding and managing partner of Juxtapose.