iLife Promises Life Insurance Quotes In Under 7 Seconds

Francesca Billington

Francesca Billington is a freelance reporter. Prior to that, she was a general assignment reporter for dot.LA and has also reported for KCRW, the Santa Monica Daily Press and local publications in New Jersey. She graduated from Princeton in 2019 with a degree in anthropology.

iLife Promises Life Insurance Quotes In Under 7 Seconds
Photo by Dillon Shook on Unsplash

Insurtech veteran Nelson Lee is behind a new startup digitizing life insurance — a process he promises can happen in as little as seven seconds.

For a monthly fee — premium subscriptions start at $99 — insurance agents and brokers can access iLife's database of over 500,000 policies along with the software to help them match customers with the right plans.


"You would never have to hire a developer, you wouldn't need to know anything related to technology, you'll never need to buy Salesforce or use Wordpress," said Lee, founder and CEO of the SaaS startup.

Some customers, he said, call the platform "the Shopify of life insurance."

The Playa Vista-based company closed a $4 million seed round led by Foundation Capital to grow its team and launch new product features aimed at remaking the notoriously slow process.

According to the company, life insurance shoppers are typically left waiting between five and 14 business days for a quote. Meanwhile, agents can easily burn through thousands of dollars before getting their agencies off the ground.

Around 90% of Lee's users already sell other financial products and are looking to expand into life insurance.

"As a broker selling life insurance the traditional way for years, I knew the pain points in the process," said Jessica Leopore, founder of online life insurance company Surevested, which runs on iLife's software. "Quotes, applications and underwriting turnaround times were incredibly time-consuming and frustrating for both the agent and client alike."

iLife's platform, she said in a statement, streamlines the sales process "from quote to bind, freeing up our time to be more productive."

Four life insurance carriers and over 100 agencies and brokers currently use the platform in beta. It will launch to the public in June.

https://twitter.com/frosebillington
francesca@dot.la

Subscribe to our newsletter to catch every headline.

Cadence

How Real-Time Data Is Helping Physicians Track Their Patients, One Heartbeat at a Time

S.C. Stuart
S.C. Stuart is a foreign correspondent (ELLE China, Esquire Latin America), Contributing Writer at Ziff Davis PCMag, and consults as a futurist for Hollywood Studios. Previously, S.C. was the head of digital at Hearst Magazines International while serving as a Non-Executive Director, UK Trade & Investment (US) and Digital Advisor at The Smithsonian.
How Real-Time Data Is Helping Physicians Track Their Patients, One Heartbeat at a Time

Are you a human node on a health-based digital network?

According to research from Insider Intelligence, the U.S. smart wearable user market is poised to grow 25.5% in 2023. Which is to say, there are an increasing number of Angelenos walking around this city whose vital signs can be tracked day and night via their doctor's digital device. If you've signed up to a health-based portal via a workplace insurance scheme, or through a primary care provider's portal which utilizes Google Fit, you’re one of them.

Do you know your baseline health status and resting heartbeat? Can you track your pulse, and take your own blood pressure? Have you received genetic counseling based on the sequencing of your genome? Do you avoid dairy because it bloats, or because you know you possess the variant that indicates lactose intolerance?

Read moreShow less

Who Will Win LA's E-scooter Wars?

Maylin Tu
Maylin Tu is a freelance writer who lives in L.A. She writes about scooters, bikes and micro-mobility. Find her hovering by the cheese at your next local tech mixer.
Who Will Win LA's E-scooter Wars?
Evan Xie

Los Angeles — it’s not just beautiful weather, traffic and the Hollywood Walk of Fame — it’s also the largest shared micromobility market in the U.S. with six operators permitted to deploy up to 6,000 vehicles each.

And despite the open market policy, the competition shows no signs of slowing down.

Read moreShow less
RELATEDEDITOR'S PICKS
LA TECH JOBS
interchangeLA
Trending