Oftentimes, life has the tendency to catch people off guard with major events they may not always be prepared to handle — take a global pandemic for instance. This is where the importance of having life insurance comes into play. With $200 million in fresh funding, SF-based insurtech company Ethos is working to help make sure people’s loved ones are financially prepared for anything life throws at them.
The Series D round for the company was led by General Catalyst and brings its valuation to over $2 billion. Now with $300 million in financing to date, Ethos is working to make life insurance more accessible to people nationwide. Sequoia Capital, Accel, GV and Jay-Z’s Roc Nation also contributed to the funding.
Last year, only about 54 percent of Americans had life insurance coverage, according to research from the Life Insurance Marketing and Research Association. Ethos is aiming to increase that number by extending policies to people who are often denied life insurance coverage due to factors like their finances, age or health status.
Its platform uses machine learning and data science tech to simplify processes like underwriting, administering and distributing policies. Ethos offers a mobile-first application process that allows users to apply in minutes, rather than undergo weeks of filing documents. It also provides coverage for 99 percent of applicants with only a few health-related questions and no medical exam required.
“We are on a mission to protect the next million families and will use this money to continue improving the best insurance customer experience ever created,” Peter Colis, CEO and co-founder said in a statement. “This funding will help us enrich our technology and data platform, and help us launch new products to enable everyone an opportunity to protect their families.”
The company recorded significant growth over the past year, having increased its revenue and users by over 500 percent. As it stands, Ethos is planning to issue $20 billion in coverage this year.
Ethos is currently hiring for dozens of remote-friendly positions. It lists available roles across teams including analytics, engineering, finance and product.
