Life insurance startup Modern Life raises $15 million

Modern Life has closed a $15 million funding round led by Thrive Capital .

Founded this year, the tech-enabled life insurance brokerage for advisors is led by CEO Michael Konialian who previously worked as VP and General Manager at CoverWallet.

It offers a (1) digital journey and data connectivity from advice to purchase, including data-driven underwriting assessments, (2) instant quoting, and digital applications, (3) an integrated dashboard for management and visibility of client submissions and (4) back office administration for appointments and commissions.

Further, Modern Life is appointed with over 15 national carriers, including John Hancock, Lincoln, Pacific Life, AIG, and Prudential allowing it offer whole life, term life, long-term care, and disability insurance in 50 states.

“In our conversations with advisors across the country, we heard emphatically how challenging it is to get their clients life insurance coverage. From in-person medical exams and 50+ page application forms to countless client and carrier touchpoints, advisors face an arduous, opaque, and lengthy process — often more than a quarter long. We’re bringing the best of technology, data, and design to streamline the process end-to-end while still supporting large and complex risks. We are proud to support leading advisors as they navigate a new and dynamic industry landscape that is changing more rapidly now than at any point in the last 150 years.” – Michael Konialian, Co-Founder and CEO of Modern Life.

Bottom Line: Policygenius plus additional features and minus the channel conflict.