MENLO PARK, Calif., Oct. 19, 2016 /PRNewswire/ -- Ladder, the smart, modern way to insure your life, today announced it has closed a $14 million Series A led by Canaan Partners with participation from Lightspeed Venture Partners, NYCA, and 8VC.
Life insurance has traditionally been sold through the analog agent channel. Insurance carriers rely on commissioned agents, and the resulting consumer experience is not what today's financially savvy, modern consumer expects. Traditional insurance products can be murky, with expensive investment solutions baked in. Ladder offers pure, term insurance, which is generally the best, most cost-effective option for consumers.
"We started Ladder because it's time for better life insurance," says Jamie Hale, CEO of Ladder. "We are taking a holistic approach and using cutting edge technology to redesign life insurance entirely around the end user. "
"Insurance technology is a ripe market for disruption because the current process is completely antiquated," said Brendan Dickinson of Canaan Partners. "Ladder is addressing a $20 trillion coverage gap with a fundamentally new customer experience predicated on the ability to fully underwrite in real time."
Ladder began by streamlining the core insurance product and architecting a way to manage risk in real time. With that foundation in place, it is re-engineering the process of buying life insurance to bring it in line with today's consumer expectations.
"To be successful in the fintech space, and in particular insurance tech, you need a blend of industry, product, and marketing expertise, as well as the ability to reimagine how data and distribution coexist," said Will Kohler of Lightspeed Venture Partners, who led Ladder's initial financing. "Ladder has world class talent across each of these areas, and they are clearly dedicated to building something that matters."
Today, users can visit www.ladderlife.com to explore insightful content, obtain a quote, and sign up for early access to be one of the first to receive coverage in minutes.
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Ladder is the smart, modern way to insure your life. Founded in 2015, Ladder's first-of-its-kind, digital life insurance product is designed around serving today's financially savvy consumer, and architecting a way to structure the risk securely and in real time. Ladder is headquartered in Menlo Park, CA. For more information, visit: www.ladderlife.com/about.