Chesterfield-based iCover, a technology startup focused on simplifying the process of buying life insurance, plans to expand its team and technology after securing a $5 million investment.
ICover said Wednesday it has closed on a $5 million pre-Series A funding round, with private investor Kesan Parasuraman leading the financing. Parasurman also was lead investor in a seed funding round iCover raised last year.
Founded in July 2019 by Chief Operating Officer Nicole Mwesigwa and CEO Hari Srinivasan, iCover has developed cloud-based algorithmic technology designed to help insurers underwrite life insurance plans and sell them. It says its use of data and predictive analytics provides the ability to quote, underwrite and provide life insurance in less than five minutes. Prior to launching iCover, Mwesigwa and Srinivasan worked together at Chesterfield-based life and health reinsurance giant Reinsurance Group of America (NYSE: RGA).
ICover said six insurance companies, which it didn't identify, are currently using its technology and that it plans to use its fresh financing to expand its sales and marketing operations to increase its customer count. It also expects to use the funding to add more technology employees and target innovation initiatives.
Srinivasan said iCover currently has 14 employees, with plans to double or tripe its headcount by the end of next year.
"In terms of traction and momentum, 2022 has been a great year so far. Fast and accurate point-of-sale underwriting has become more relevant than ever before. With this capital infusion, we can fuel our sales and marketing efforts through 2023 and expand iCover's intellectual property with increased R&D in the areas of AI and blockchain," he said.
