HSCM Ventures, the insurance technology venture investing arm of ILS and reinsurance specialist investment manager Hudson Structured Capital Management, has participated in a $25 million funding round for life insurtech Dayforward.
Dayforward has now acquired its own insurance carrier, Commercial Travelers Life Insurance Company, as it looks to evolve its strategy into a full-stack approach to selling digital life insurance.
This acquisition coincides with the launch of Dayforward’s life insurance product in 38 US states plus Washington, D.C., with continued national expansion a focus for 2023.
The $25 million round of funding announced today was led by AXA Venture Partners, while existing investors including HSCM Ventures, Juxtapose, and Munich Re Ventures all participated.
Acquiring the carrier Commercial Travelers Life Insurance Company (CTLIC) will enable Dayforward to expand its product breadth and reach, selling direct while also being available through partners.
Munich Re provides reinsurance to support Dayforward’s product range.
“Today, families go through great difficulty to get the financial security they need. Life insurance can be a tedious and confusing process,” Aaron Shapiro, Founding CEO of Dayforward commented. “We’ve made life insurance simple and easy to buy, with smarter coverage for families. We’re excited that we can now offer life insurance through Dayforward to families across most of America, with the rest of the country soon to follow.”
“Dayforward is a product-first, tech-enabled life insurance start-up that now has the ability to distribute through multiple channels – direct, agent, and partner – almost nationally,” explained Vikas Singhal, Founding Partner of HSCM Ventures.
“As a full-stack insurance company with a focus on automated underwriting and a streamlined front-end, Dayforward is positioned to innovate across core areas of the industry and seeks to bring customized products to the market that fit specific customer needs. We are excited to partner with Aaron and the team.”
Dayforward has acquired its new carrier from National Guardian Life Insurance Company.
Hudson Structured invests across insurance-linked securities (ILS), reinsurance and insurtech, as well as aviation related opportunities.