Startup insurance company Ethos has altered the way life insurance is offered and applied.
Not only does the company have the ability to process applications in minutes, Ethos offers term life insurance ranging between 10 and 30 years.
What Happened
Ethos announced $35 million in Series B financing this week. The funding round was led by Accel, a growth-stage venture capital firm, as well as Google Ventures, Sequoia Capital and Arrive.
Ethos added Accel’s Nate Niparko to the board of directors and Alphabet Inc GOOGL GOOG's Google Ventures’ general partner Tyson Clark as an advisor to the board, according to the press release.
Why It’s Important
Ethos services thousands of customers and applications each month, with revenue and utilization up over 400 percent in the past four months, according to the press release.
“By applying data science and predictive analytics to determine an individual's life expectancy, more than 99 percent of Ethos customers have required no medical exam or blood test to get a policy," the company said in statement.
"[Ethos] partners with life insurance industry leaders, including Assurity Life and Munich Re, to help deliver quality life insurance products to its customers.”
What’s Next
The most recent funding round will allow Ethos to better accommodate customer demands and further expose the service in an increasingly modern, digitally driven market, the company said.
“The life insurance industry has had a product and reputation problem for a long time," Accel's Niparko said.
"Ethos takes a technology-first approach to eliminate friction from the applications and claims process for its customers and has built a brand that people love and trust. We're excited to partner with Peter, Lingke and the rest of the Ethos team to help modernize life insurance."
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