Plum Life raises $5.3 million

Plum Life has closed a $5.3 million seed round led by ManchesterStory with additional participation from MTech Capital, Sonostar Ventures and other investors.

Founded in 2020, the NJ-based company offers agents a “fully digital, friction-free” selling experience enabling a quicker, more efficient life insurance sale. The platform is designed to be a one-stop-shop for agents to manage the entire sales process: from application submission to case management and commission reconciliation. Plum Life also gives agents access to a suite of digital marketing tools, including a co-branded webpage that enables agents to immediately begin prospecting and quoting online.

Plum Life offers a guaranteed level premium term product in 10, 15, 20, 25 and 30 year terms with a coverage amount from $100,000 to $10 million. Coverage is issued by SBLI, and its subsidiary Centrian Life Insurance.

“Agents still remain the industry’s most dominant sales channel. By offering agents a simplified digital selling experience, we’re making it easy for them to sell life insurance and transact with their clients the way they want to work. It’s a win-win for everyone.” – Manish Bhatt, CEO, and co-founder of Plum Life.

“We are delighted to partner with Plum Life and have great confidence in the team. Plum has created a better life insurance experience that combines the benefits of purchasing online with the confidence of working with an Agent. Life insurance is a complex purchase, and we are excited to support Plum’s mission to simplify the experience for both Agents and their clients.” – Matt Kinley, founding partner of ManchesterStory.

“This new round continues an exciting initial six months in market for Plum Life” says Bhatt. “Early reaction and adoption from Agents have far exceeded our expectations and we’re thrilled that this new investment enables us to continue our mission to build the best digital life insurance selling platform on the market.”

“The life insurance sector has lagged P&C and health in terms of Insurtech activity. Yet so much needs to be done. The leadership team at Plum Life has a clear vision of how to transform life insurance distribution and underwriting for agents. And we believe agents will continue to be the primary sales channel for life insurance. Agents will be able to offer coverage to a broad target market with accelerated underwriting and competitive pricing, all on Plum Life’s digital platform. We look forward to supporting the team as they enter this next phase of rapid growth.” – Kevin McLoughlin, co-founder and partner at MTech Capital.