iCover, a Chesterfield, Mo.-based InsurTech that provides an algorithmic underwriting and QUI based eApp Service for life insurance companies, announced that it has raised $5 million in Pre-Series A funding.
The lead investor for the round is Kesan Parasuraman, a private investor who also led iCover’s Seed round in August 2021, according to a statement from iCover. The company says intends to use the funds raised to increase technical staff, expand sales and marketing, and bolster R&D efforts related to their AI underwriting framework and private Blockchain network.
iCover reports that it is currently working with six insurance companies and launching an array of products that include, Income Protection, Final Expense, Term and Whole Life. The startup says that insurance companies will use iCover’s proprietary AI/algorithmic underwriting platform with the patent-pending QUI eApp technology to deliver a 5-minute point-of-sale buying journey for consumers.
iCover says its omnichannel capabilities will help insurance partners launch products and sell through agency, direct to consumer and embedded channels.
“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,” Hari Srinivasan, Founder and CEO, iCover. “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.”