Modern Life secured $20 million in a Series A round, bringing its total funding to $35 million. Thrive Capital led the round, marking their second investment in the company after leading the 2022 seed round. The capital will accelerate AI enhancements, product development, and nationwide partnerships to streamline life insurance processes for advisors.
Modern Life, an AI powered life insurance brokerage founded in 2022 and headquartered in New York, helps financial advisors deliver faster, more efficient coverage to clients. The company integrates quoting, underwriting, and management across over 30 carriers, offering products like term life, permanent life, annuities, and long term care. Licensed in all 50 states, it emphasizes advisor-client relationships while automating complex workflows.
This Series A round builds on the company’s $15 million seed funding from 2022, also led by Thrive Capital with participation from 12 unicorn founders (e.g., from Hippo, Plaid, and Reddit). The new investment reflects growing demand for tech modernization in a sector plagued by outdated tools and lengthy processes. No valuation was disclosed, but the involvement of strategic insurers like New York Life and Northwestern Mutual signals confidence in Modern Life’s ability to capture market share.
Key uses of proceeds include:
- Enhancing AI features like instant quoting and “Express Decision” underwriting, which delivers offers up to four times faster.
- Expanding partnerships with carriers and advisors nationwide.
- Scaling end to end platform capabilities, including lifecycle management and workflow automation.
Thrive Capital’s Nabil Mallick described life insurance as “one of the biggest untapped opportunities in financial services,” praising Modern Life’s AI for unlocking ecosystem value. Tim Del Bello from New York Life Ventures emphasized advisors’ essential role, noting the platform elevates their client service. These quotes underscore the round’s alignment with industry needs for transparency and efficiency.
Modern Life was co-founded by CEO Michael Konialian, who previously served as VP and General Manager at CoverWallet, bringing expertise in insurtech innovation. The platform addresses core pain points in life insurance, such as carrier specific rules, medical underwriting, and tax planning, by consolidating over 10 legacy tools into one dashboard. Core features include:
- Instant Quoting: Real time comparisons across carriers for fixed and variable products.
- Data Driven Underwriting: AI analyzes client data for faster approvals, often in minutes.
- Agency Management: Unified tools for applications, medical evidence, and client tracking, with SOC 2-compliant security.
Since launch, Modern Life has partnered with carriers like Lincoln Financial Group, John Hancock, and Prudential, enabling a full suite of products. It maintains a brokerage model with expert support for case advocacy and sales strategies, positioning it as a hybrid of tech and human expertise.
| Feature | Description | Benefit |
| Advice & Recommendations | AI bridges insurance, tax, and financial planning | Enhances advisor expertise for complex client needs |
| Workflow Automation | Surfaces key info in real time | Reduces policy cycle times from months to days |
| Client Lifecycle Management | Secure dashboard for quotes, apps, and evidence | Improves compliance and client retention |
| Carrier Access | 30+ partners, all major product types | Broadens options without manual research |
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The U.S. life insurance market is valued at approximately $175 billion annually, with global estimates reaching $8.2 trillion in 2025. Despite this scale, 90% of policies are distributed through advisors who grapple with fragmented systems, leading to average six month timelines for permanent life policies. Modern Life targets this inefficiency, aiming to boost advisor productivity and client satisfaction.
Competitors include:
- Ethos and Ladder: Focus on direct to consumer digital policies but lack advisor centric tools.
- Hexure: Offers sales automation for insurance but without Modern Life’s deep AI underwriting.
- Dale Underwriting Partners: Emphasizes syndicates over brokerage platforms.
Modern Life differentiates through its advisor first approach, leveraging AI to preserve human relationships while cutting friction. Industry trends, like rising demand for personalized coverage amid economic uncertainty, further amplify its potential.
| Market Metric | Value | Source Insight |
| U.S. Life Insurance Market Size | $175 billion | Annual premiums; 90% advisor-sold |
| Global Market Projection (2025) | $8.2 trillion | Growth from $7.6 trillion in 2024 |
| Average Policy Cycle Time (Traditional) | 6 months | Due to underwriting and paperwork delays |
| Modern Life’s Improvement | 4x faster decisions | Via Express Decision AI |
This funding solidifies Modern Life’s trajectory in insurtech, a sector seeing increased VC interest amid AI adoption. With total capital at $35 million, the company is poised for aggressive expansion, potentially integrating advanced features like predictive analytics for risk assessment. Strategic insurer backers could accelerate carrier integrations and distribution deals, enhancing network effects.
Challenges include regulatory hurdles in underwriting AI and competition from incumbents digitizing internally. However, Modern Life’s focus on affluent clients with complex needs, where advisors excel, positions it for sustained growth. As CEO Konialian noted, the platform removes obstacles so advisors can “deliver better client outcomes and run their firms more efficiently.”
Looking ahead, expect announcements on new AI tools (e.g., Scribe Optimize for workflow) and deeper partnerships, capitalizing on a market ripe for disruption.
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