AI-powered life insurance brokerage, Modern Life, recently secured a significant milestone by announcing a $20 million Series A funding round. The funding was led by Thrive Capital, with participation from notable investors such as New York Life Ventures, Northwestern Mutual Future Ventures, and Allegis. This latest round brings the total raised by Modern Life to an impressive $35 million, highlighting the confidence and support the company has garnered within the industry.
The infusion of capital will be instrumental in fueling Modern Life’s expansion efforts, particularly in forging strategic partnerships nationwide and further enhancing its proprietary AI-driven platform. Positioned as a tech-enabled life insurance brokerage catering to licensed advisors, Modern Life offers access to a diverse array of products from over 30 carriers and holds licenses across all 50 states. The company’s platform is designed to streamline various aspects crucial for advisors, including underwriting and risk assessment analysis, personalized advice and recommendations, workflow automation, and comprehensive client lifecycle management.
Founded in 2021, Modern Life emerged from stealth mode in August 2022 with an initial seed funding of $15 million. The company has since made significant strides, expanding its product offerings to include long-term care insurance and hybrid long-term care insurance in early 2023. This diversification of products underscores Modern Life’s commitment to providing comprehensive solutions tailored to the evolving needs of both advisors and clients.
In a related development, the turnkey client support platform, bQuest, recently secured a seed round led by First Rate Ventures based in Arlington, Texas. While specific details of the deal were not disclosed, bQuest, positioned as a Care Intelligence Platform, has been making waves in the industry. The platform’s strategic alignment with the Founders Arena in Arlington, Texas, coupled with its recent win of a prestigious WealthManagement.com Industry Award in the Specialized Planning category, further solidifies bQuest’s position as a key player in the space.
Built to assist caregivers and fiduciary advisors in navigating the complexities of aging, bQuest has identified a crucial need for vetted aging care and end-of-life services for loved ones and clients. With First Rate Ventures onboard as a strategic partner, bQuest is poised to leverage its expertise in developing AI agents, expanding its national provider network, and scaling its human concierge services to better serve its target audience.
Overall, the recent developments within the financial technology sector underscore the growing importance of innovative solutions that cater to the evolving needs of advisors and clients alike. As companies like Modern Life and bQuest continue to push the boundaries of what is possible in the industry, the landscape of wealth management is set to witness significant transformation in the coming years.
