iCover is an InsurTech startup that offers an algorithmic underwriting platform and a patent-pending QUI™ eApp service for life insurance companies. Its proprietary underwriting framework includes pre-configured guidelines and algorithms to score and price life insurance applications using medical and non-medical data. Led by CEO Hari Srinivasan and based in Chesterfield, MO, the company works with six insurance companies and is launching products including Income Protection, Final Expense, Term and Whole Life. iCover's platform enables a five-minute point-of-sale buying journey via AI/algorithmic underwriting and the QUI™ eApp, and supports omnichannel distribution through agency, direct-to-consumer and embedded channels. The startup intends to use the funds to increase technical staff, expand sales and marketing, and bolster R&D related to its AI underwriting framework and private blockchain network. The company describes its offering as 'plug and play' and positions the technology to be embedded by insurance partners to speed underwriting and product launches. iCover offers a cloud-based algorithmic underwriting Platform as a Service that leverages data and predictive analytics to automate quoting, underwriting, and delivery of life insurance for the middle market. Led by CEO Hari Srinivasan, the company positions its system to enable faster life insurance issuance. iCover announced a multi-year partnership with KSKJ Life to onboard that insurer’s full suite of products — Final Expense, Term Life, Whole Life and Annuities — onto its platform to digitize new business processes. The company plans to use the recent seed funding to expand insurance distribution via a direct-to-consumer offering, hire additional technical staff, and increase sales and marketing efforts. No operating metrics (revenue/users) were disclosed in the article.

Total raised

$5M

Funding rounds

2

Latest round

Series A

Latest activity

Aug 2022