BERKELEY HEIGHTS, N.J.--(BUSINESS WIRE)--Plum Life Inc announced today it closed a $5.3 Million seed round led by ManchesterStory with additional participation from MTech Capital, Sonostar Ventures and other investors. This round of funding will position Plum Life to build upon its initial success attracting new Insurance Agents to its best-in-class digital life insurance sales platform. The company will make several key hires, continue to enhance the platform and drive sales through targeted advisor outreach.
Plum Life 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. With its highly competitive pricing and quick underwriting decisions, Plum Life is the perfect fit for Agents who seek both quality life insurance products and superior customer experience, defined by simplicity and convenience. Further, Plum Life’s portal gives Agents access to a suite of digital marketing tools, including a co-branded web page that enables Agents to immediately begin prospecting and quoting online.
"Agents still remain the industry’s most dominant sales channel,” says Manish Bhatt, CEO, and Co-Founder of Plum Life. “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,” says Bhatt.
Plum Life is committed to reimagining how insurance is sold. Core to its belief is the idea that consumers need and want professional advice, and strongly prefer to work with those experts digitally.
"We are delighted to partner with Plum Life and have great confidence in the team," says Matt Kinley, Founding Partner of ManchesterStory. "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."
“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,” says Kevin McLoughlin, Co-Founder and Partner at MTech Capital. “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.”
About Plum Life
Plum Life is on a mission to create the ideal life insurance experience where the confidence of working with an advisor and the ease and convenience of buying online meet in one place. At its core, Plum Life is a Life Insurance technology company. The company offers an agent-only digital experience designed to simplify the entire process of selling life insurance - from quoting, to application, to issue. Designed especially for the life insurance industry, Plum Life’s integrated platform combines the capabilities of a modern technology company and the personal attention and service of an advisor. Founded in 2020, and based in Berkley Heights, New Jersey, the company leverages its proprietary technology platform fueled by Machine Learning, behavioral science, AI and Swiss Re's Magnum. Learn more at helloplum.com
About the Founders
Plum Life was created by people who know insurance. With decades of experience in senior executive roles at global insurance carriers and having created and launched several digital insurance businesses, they are well-equipped to tackle the challenge of reimagining the insurance selling experience, driven every day by a purpose to make life insurance simpler for everyone involved and committed to creating a best-in-class advisor experience.
About ManchesterStory
ManchesterStory partners with world-class founders pursuing technological innovation in InsurTech and adjacent sectors. Focused on early-stage start-ups, ManchesterStory leads venture capital investments to fund growth while also connecting them with leading financial services companies across North America and beyond. Learn more at manchesterstory.com
About MTech Capital
MTech Capital is an InsurTech-focused venture capital firm with offices in Santa Monica and London. MTech invests in technology-enabled companies with the potential to transform one or more elements of the insurance value chain, across P&C, life, health, employee benefits, and asset management. MTech is led by founding partners each with decades of experience across venture capital, insurance, and insurance investment banking. MTech’s investors include some of the world’s largest insurance groups. Learn more at mtechcapital.com
About Sonostar Ventures, LLC
Sonostar Ventures, LLC was founded in 1997 to invest in private companies and startup ventures across a variety of industries and in certain special situations, in the public equity markets. After more than 20 years of operations, the entity continues to invest in compelling investment opportunities, either directly or through investments by its principals and their affiliates. Sonostar Ventures backs entrepreneurs who have the vision, perseverance and integrity to succeed and who have a passion that matches our own desire to excel. Over the years, we have invested in more than 30 early-stage private companies, representing a diverse universe of industries. Learn more at sonostarventures.com
Access helloplum.com/presskit for information on Plum Life
