iCover, a Chesterfield, MO-based insurtech that provides an algorithmic underwriting Platform as a Service, raised a seed funding of undisclosed amount.
The backers were not disclosed.
The company intends to use the funds to expand insurance distribution through a direct-to-consumer offering, increase technical staff and expand sales and marketing efforts.
Led by Hari Srinivasan, CEO, iCover is a cloud-based algorithmic underwriting platform that helps insurers sell to the middle market. By leveraging data and predictive analytics, the system can quote, underwrite, and deliver life insurance quickly.
The company also announced a multi-year partnership with KSKJ Life, headquartered in Joliet, IL, that allows iCover to onboard KSKJ Life’s full suite of products which includes Final Expense, Term Life, Whole Life and Annuities on the platform to digitize their new business processes.