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Plum Life Raises $2.45M Seed Round to Accelerate its Digital Life Insurance Platform Targeting Insurance Advisors

·3-min read

Firm combines the confidence of working with an agent and the ease of buying online for the consumer

WARREN, N.J., October 21, 2021--(BUSINESS WIRE)--Plum Life Inc announced today it closed a $2.45M seed round led by Sonostar Ventures, LLC back in Q2 of this year. With this initial round of funding, Plum Life will continue to grow its operations and increase the number of advisors they do business with. The funding will also drive platform and product enhancements, drive sales through targeting advisor outreach and partnership development.

Plum Life’s friction free digital platform makes selling life insurance easier and more efficient for the advisor and their clients. With broad coverage options, highly competitive pricing and a fully transparent accelerated underwriting process, Plum Life makes life insurance easy for everyone involved.

Core to its belief is the idea that consumers need and want professional advice. Consumers see value in working with an advisor but also want the ease and convenience of today’s digital world. With Plum Life, consumers no longer have to sacrifice quality for convenience.

"We are excited to be working with the Plum Life team," says Greg Kiernan, President, CEO and a founding partner of Sonostar Ventures, LLC. "Their deep knowledge of the industry as well as years of experience in building and managing digital insurance businesses position them perfectly to disrupt the agent space," Kiernan says.

From digitizing the entire process to designing the best possible advisor experience in the market, Plum Life is committed to reimaging how insurance is sold. With built in client management and communication tools, and comprehensive reporting and dashboards, Advisors can now manage their entire business right from the palm of their hand.

"What we like about this opportunity is the focus on agent. So much of the recent focus has been centered around Direct to Consumer and channel disruption. Instead, Plum Life is laser focused on the industry’s dominant distribution channel – advisor sold life insurance," Kiernan also added.

Plum Life was established in 2020 but recently launched its retail platform to agents.

About Plum Life

Plum Life is on a mission to create the ideal life insurance experience where the confidence of working with an advisor and the ease and convenience of buying online meet in one place. At its core, Plum Life is a Life Insurance technology company. The company offers an agent-only digital experience designed to simplify the entire process of selling life insurance from quoting to application to issue. Designed especially for the life insurance industry, Plum Life’s integrated platform combines the capabilities of a modern technology company and the personal attention and service of an advisor. Founded in 2020, and based in Warren, New Jersey, the company leverages its proprietary technology platform fueled by Machine Learning, behavioral science, AI and Swiss Re's Magnum. Learn more at www.helloplum.com

About the Founders

Plum Life was created by people who know insurance. With decades of experience in senior executive roles at global insurance carriers and having created and launched several digital insurance businesses, they are well-equipped to tackle the challenge of reimagining the insurance selling experience, driven every day by a purpose to make life insurance simpler for everyone involved and committed to creating a best-in-class advisor experience.

About Sonostar Ventures, LLC

Sonostar Ventures, LLC was founded in 1997 to invest in private companies and startup ventures across a variety of industries and in certain special situations, in the public equity markets. After more than 20 years of operations, the entity continues to invest in compelling investment opportunities, either directly or through investments by its principals and their affiliates. Sonostar Ventures backs entrepreneurs who have the vision, perseverance and integrity to succeed and who have a passion that matches our own desire to excel. Over the years, we have invested in more than 30 early-stage private companies, representing a diverse universe of industries. Learn more at sonostarventures.com

Access helloplum.com/presskit for information on Plum Life

View source version on businesswire.com: https://www.businesswire.com/news/home/20211021005191/en/

Contacts

Media:
Rahim Rajpar
CMO & Co-Founder
Plum Life
617 939 1312
rahim@helloplum.com

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