USA – iCover, a Chesterfield, MO-based Insurtech startup that provides an algorithmic underwriting and QUI™ based eApp Service for life insurance companies, raised $5M in Pre-Series A funding.
The round was led by Kesan Parasuraman.The company intends to use the funds to increase technical staff, expand sales and marketing, and bolster R&D efforts related to their AI underwriting framework and private Blockchain network.Led by CEO Hari Srinivasan, iCover is a “plug and play” algorithmic underwriting platform in the InsurTech space. Its proprietary underwriting framework comes with pre-configured guidelines and algorithms to score and price life insurance applications based on medical and non-medical data.The company is currently working with six insurance companies and launching an array of products that include, Income Protection, Final Expense, Term and Whole Life. Insurance companies will use iCover’s proprietary AI / algorithmic underwriting platform with the patent-pending QUI™ eApp technology to deliver a 5-minute point-of-sale buying journey for consumers.The company’s omnichannel capabilities will help insurance partners launch products and sell through agency, direct to consumer and embedded channels.31/08/2022
