Brooklyn-based life insurance provider Fabric Technologies announced it has raised $18 million in Series B funding, led by CNO Financial Group.
The funding round was also with participation from Guardian Life, Nippon Life, Samsung Ventures, Securian Ventures, and existing investors, including Bessemer Venture Partners. The funding will enable Fabric to further accelerate its growth and expand its suite of products to help more families achieve long-term financial security.
Since its inception, the company has raised more than $30 million and is on track to grow accelerated term life insurance premiums by 5x in 2020. Since its Series A, Fabric has expanded to serve tens of thousands of families.
Fabric helps parents protect their family’s future, offering modern, affordable term life insurance, a free last will and testament, and tools to organize family finances. Fabric’s life insurance application takes 10 minutes to complete, with immediate approval for qualified applicants. The company’s free online tools also help spouses and partners organize their important financial accounts, will, and life insurance policy information so that it’s all in one place. Parents can then securely share that information with anyone who needs to know – the guardian of their children, the executor of their estate, beneficiaries, or any key friends or family members. Fabric, available on Android and iOS, ensures critical information is always at your fingertips, and the fingertips of those who need to know.
Source: Reinsurance News
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Tech-driven innovation is fundamentally reshaping the insurance industry. Emerging capabilities including telematics, artificial intelligence and machine learning have transformed nearly every aspect of the insurance value chain and continue to create new omnichannel experiences for customers.