London-based Bequest is on a mission to build a better way to protect the family with personalised pay-as-you-go life insurance.
Raised £1.7M
Recently, the company has raised £1.7 million in funding in a seed round led by Kuvi Capital and includes Clocktower Ventures and Form Ventures. The investors have joined the Bequest board as the platform scales.
On the other hand, the UK insurtech company has also announced the launch of its life insurance offering. According to the company, its life-admin platform is simple and easy to use, allowing customers to get cover for up to £500,000 in 15 minutes.
Notably, there are no medical checkups or mental health discrimination, says the company. Launched nine months back, the company also launched its free will service and a beta version of its life insurance product. It has already had more than 600 customers sign up in its first three months live, as per the company.
Bequest is backed and supported by insurance and tech industry heavyweights including Berkshire Hathaway’s GenRe, Covea Insurance, and Founders Factory. Its board includes some of the most well-known names from the likes of Bupa, RGA, Techstars, and Prudential.
James Buckey-Thorp, CEO and founder of Bequest said: “Everyone deserves the right and opportunity to take care of their loved ones. Currently, 38 million families are unprotected and uninsured each year. We, at Bequest, want to make sure everyone is covered by making it relatable, accessible and something that does not cost an arm and a leg. If you look at the life insurance industry, it is out-of-date and overly complex with jargon that has plagued it for hundreds of years. Ultimately, people want life insurance online, want it quickly, and want more knowledge and support – we have seen that in the hugely positive response to date to our product. With this seed funding we can now supercharge our growth and become the all of life platform for the millennial generation”
Richard Sears, Kuvi Capital’s investment director added: “What initially drew us to Bequest was the nature of the life insurance market: vast, underserved and still largely undisrupted in the UK. What convinced us to lead their Seed round was the quality of the team and their innovative approach: both in terms of creating their own unique life insurance product and developing a compelling go-to-market strategy. We’re really impressed by their early traction with customers and are excited to partner with them on the journey ahead.”
The post UK insurtech Bequest secures £1.7M to simplify wills and life insurance for the millennial market appeared first on UKTN (UK Tech News).
