PALO ALTO, Calif., May 15, 2018 /PRNewswire/ -- Ladder, the company reinventing life insurance to be instant, simple and smart for today's consumers, continues to gain momentum as a leader in the future of life insurance. The company has just raised a $10M strategic investment from two of the most renowned companies in the insurance industry: Allianz Life Ventures and Northwestern Mutual Future Ventures. This investment extends Ladder's Series B funding to a total of $40M and will be used to continue to fund growth -- specifically hiring of engineers, marketers, and product-focused teams.
"We've been increasingly impressed with the innovations Ladder is bringing to the market," said Emily Reitan, VP of strategy and business development for Allianz Life. "Life insurance is a critical component of any solid financial plan, and both Allianz Life and Ladder share the common goal of ensuring Americans have the proper protection in place to help meet their financial goals."
Technology has brought simplicity and convenience to nearly every area of financial services, but life insurance has traditionally been a late adopter. Over the last two years, Ladder has been modernizing the process of buying life insurance, making it simpler and more convenient for consumers to get coverage in place. The company not only wants to close the $16T coverage gap that exists in the United States because of "stuck" shoppers (LIMRA) but is also focused on evolving the industry overall, including removing unnecessary complexity.
Forward thinking life insurance companies recognize that many customers want to buy life insurance online, but won't wait (an average of) 8 weeks to get a decision and won't accept that they can't easily change their coverage whenever they need to. Ladder is using technology, design thinking, behavioral economics, and machine learning to make the process as seamless as possible for consumers, while reducing costs Ladder's entirely new, fully-digital process gives customers a more convenient and manageable experience, from consideration and application through policy management.
"We set out to introduce customer-focused innovation to a well-established industry," said Jamie Hale, CEO and co-founder, Ladder. "We've proven that consumers are ready for a modern solution to life insurance, and we're honored to be recognized by Allianz Life and Northwestern Mutual Future Ventures. We're committed to continuing to speed up the evolution and digitalization of life insurance, while continuing to reduce the costs of the industry."
Ladder has built proprietary technology from the ground up, giving the company the ability to quickly iterate on its product and streamline the process for consumers. This technology has also enabled the company to expand quickly across the country. Since its initial launch in California in January 2017, Ladder has expanded to 49 states and DC and is in the process of filing in the state of New York. To-date, the company has placed over $1B of coverage.
"Northwestern Mutual Future Ventures is focused on partnering with startups that are creating innovative solutions that deliver a new type of experience and help consumers take control of their personal and financial lives," said Mark Batsiyan, venture partner, Northwestern Mutual Future Ventures. "Ladder has developed a leading digital insurance platform, and the company shares our passion for helping people better understand and achieve financial security."
In addition to this notable round of funding, Ladder continues to be recognized by key industry organizations. The company was recently named one of Fast Company's top ten most innovative companies in Finance and was recognized by the FinTech Breakthrough Awards as the Best Insurtech Company for 2018. Ladder was a winner of Celent's annual Model Insurer Awards in the Innovation and Emerging Technologies category in April and was also recently mentioned -- along with other esteemed insurance companies -- in the Forrester Life Insurance Wave: Q2 2018 report, further demonstrating the company's position as a leading innovator in life insurance.
About Ladder: Ladder is life insurance built to be instant, simple, and smart. Founded in 2015, Ladder has designed a digital-first life insurance product to serve today's financially savvy consumer. Ladder has raised a total of $54M in funding from investors, including RRE Ventures, Canaan Partners, and Lightspeed Venture Partners. For more information visit: www.ladderlife.com/about.