$7M raised by Afficiency in Series A funding, an NYC-based insurtech company, aimed at innovating the end-to-end life insurance buying process, was $7M.
The round, which brings the total raised to $10.2M, was led by IA Capital Group with participation from Impression Ventures, SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) and Western & Southern Life. In conjunction with the funding, Rick Viton, Partner at IA Capital Group, is joining Afficiency’s Board of Directors.
The company plans to use these funds to accelerate its strategy for modernizing the life insurance market. This includes bringing 100% digital-in-session life products to agents and distributors, carriers, as well as other valued partners through custom Integrations.
Afficiency CEO and Co-Founder Mark Scafaro is the CEO of this insurtech company. The product catalogue includes categories like the term, whole, disability, and universal. It allows distributors to white-label life insurance products and distribute them in a custom way. With the proprietary API, the company can bring its suite of products into partners’ native environments. They can also offer a unique customer experience for those who are just starting out. To develop these products, Afficiency collaborates with its carriers and reinsurance partners. All products are digitally underwritten, and issued to applicants in a matter of seconds.
Afficiency supplies such products to several startups, including Sproutt, the insurance company that uses data and AI to reward people living healthy lives, and Pendella, a startup technology company offering an end-to-end digital individual life and disability insurance platform to distributors and carriers.