Amplify gets backing for life insurance investment product

Amplify Life Insurance, a digital life insurance platform focused on helping customers build wealth through permanent life insurance, has raised $12m in Series A funding.

The round was co-led by Greycroft and Crosslink Capital. Other investors who participated include Conversion Capital, Anthemis, and Transverse Asset Management.

Amplify is a digital platform that offers customers the ability to invest in public equities or alternative investments with their life insurance premiums, accessing tax-free returns throughout their lifetime. Amplify customers get a customised plan based on their financial goals, risk tolerance, and underwriting risk profile.

Amplify collected $2.5m in its seed round last year, led by Anthemis with commitments also from Transverse Ventures Fund.

In the year ahead, Amplify said it plans to launch an engaging mobile application where customers will be able to manage their investment portfolio and coverage details, all at their fingertips. Additionally, customers can manage family policies for retirement, savings, legacy, or college education.

Amplify’s vision is to build a customer-centric life insurance company with a streamlined purchasing process, health and wealth benefits, and an engaging customer experience throughout the lifetime of the policyholder.

Ian Sigalow, co-founder and partner at Greycroft, said, “The problem with life insurance is that you never engage with the policy, which makes for a poor digital experience. Amplify figured out how to bridge the gap between insurance and fintech to create a unique and engaging consumer experience.”

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