Dayforward, a NYC-based digital life insurance company built for modern families, raised $25M in funding.
The round was led by AXA Venture Partners, with participation from existing investors including HSCM Ventures, Juxtapose, and Munich Re Ventures.
The company intends to use the funds to invest in three key areas in 2023:
- scaling its business nationwide,
- continuing to launch its proprietary solutions through strategic partners, and
- developing new insurance products for its portfolio.
Led by Aaron Shapiro, Founding CEO, Dayforward is a digital insurance company whose term life police offering guarantees the policyholder’s family will continue to receive their income in the event that the policyholder passes away. Its proprietary technology and automated underwriting system deliver a consumer experience that allows customers to complete a simple application online and get an instant decision at a great price. Dayforward is also available through a growing number of partners across the country. Its policies are reinsured by Munich Re Life US, a member of the Munich Re Group, which is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions.
The company also announced its acquisition of Commercial Travelers Life Insurance Company, a storied insurance carrier founded in 1883, from National Guardian Life Insurance Company upon receipt of all regulatory approvals. The deal will enable Dayforward to expand nationally and broaden its product lines across life, health, disability and retirement.
The acquisition coincides with launching Dayforward’s innovative life insurance solution in 38 states plus Washington, D.C., with continued national expansion throughout 2023.
The team also includes:
- Matthew Wolf, Head of Insurance Product and Actuary,
- Zohaib Rathore, Head of Finance
- Zoe Nolan, Head of Operations
- Austin Riendeau, Head of Technology, and
- Felicia McElhaney, Head of Underwriting.