iCover, a Missouri-based Insurtech that provides an algorithmic underwriting and QUI™-based eApp Service for life insurance companies, raised $5 million in pre-Series A funding.
The round was led by Kesan Parasuraman, a private investor who also led iCover's seed round in August 2021.
The company intends to use the funds raised to increase technical staff, expand sales and marketing, and bolster R&D efforts related to its AI underwriting framework and private blockchain network.
iCover is currently working with six (6) insurance companies and launching an array of products that include, Income Protection, Final Expense, Term, and Whole Life. 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.
Round: pre-Series A
Funding Month: Aug 2022
Lead Investors: Kesan Parasuraman
Company Website: https://www.icoverinsure.com/
Software Category: Underwriting Platform
About the Company: iCover is the first "plug and play" algorithmic underwriting platform in the InsurTech space. iCover's proprietary underwriting framework comes with pre-configured guidelines and algorithms to score and price life insurance applications based on medical and non-medical data. By leveraging patent-pending QUI™ technology and algorithmic underwriting, iCover can quote, underwrite, and deliver life insurance at the point of sale in under 5 minutes. iCover was built by industry insiders Hari Srinivasan and Nicole Mwesigwa who applied their 30+ years of InsurTech experience and intimate knowledge of automated underwriting technologies.