Nicole Mwesigwa says she knows that buying life insurance can be a daunting and cumbersome experience for most consumers.
It’s a process that often can involve individuals taking blood tests and medical exams to determine the best rates. Mwesigwa is co-founder and chief operating officer of St. Louis-based iCover, a technology startup that wants to simplify the process of buying life insurance.
“It can take weeks to get coverage. We want to deliver peace of mind in five minutes,” she said.
Founded in July 2019 by Mwesigwa and CEO Hari Srinivasan, iCover has developed cloud-based algorithmic technology designed to help insurers underwrite life insurance plans and sell to the middle market. It says its use of data and predictive analytics provides the ability to quote, underwrite and provide life insurance in less than five minutes.
Two years after its founding, iCover now is gearing up to launch its product with several insurers. In September, the startup said it has raised an undisclosed amount of seed funding to boost operations. It also announced then that it had inked a multi-year partnership with Joliet, Illinois-based KSKJ Life, which will be the first insurer to use iCover’s technology to sell its products.
Srinivasan and Mwesigwa aren’t strangers to the insurance industry. The two met while working at Chesterfield-based life and health reinsurance giant Reinsurance Group of America (NYSE: RGA), where they say they worked on several projects together. Prior to working at RGA, both iCover co-founders worked in software-related roles at other companies. Srinivasan also has experience as an entrepreneur, having previously led startup i3 Tech, which developed software and mobile apps for businesses.
KSKJ Life will begin using iCover’s platform this month. Mwesigwa said the company recently previewed iCover to its independent agents, with “many asking to be part of the pilot launch.” She said iCover also plans to launch its technology with an additional two clients in early 2022.
Signing on insurers as clients is one of two revenue streams iCover envisions. It also has plans to provide insurance through its own direct-to-consumer offering, which it expects to launch in the first quarter of 2022.
With five current employees, iCover, plans to add its sixth staff member this month.
