Canadian insurtech Finaeo has raised $5.35 million in funding, led by Luge Capital, a venture capital fund focused on early-stage fintech and artificial intelligence.
Finaeo CEO and co-founder Aly Dhalla said the new injection of capital will allow the company to move the insurance industry forward with regards to product development, customer acquisition and expansion, particularly into the United States.
Finaeo’s vision is to become the digital fabric that connects and powers the life insurance industry by building a digital network of insurance carriers around the world. Digitizing the experience for all stakeholders is core to realizing that vision.
“The life insurance industry has been very slow to evolve,” said Karim Gillani, general partner at Luge Capital.
Selling personalized and curated life insurance
Dhalla said Finaeo’s digital front-end platform enables insurance advisors to sell personalized and curated life insurance products to end customers across Canada. The back-end connectivity to insurance carriers will soon enable real-time application submission, real-time adjudication and real-time application status, which will enable a customer-centric approach to interacting with the insurance industry.
“The industry is at a tipping point, and we’re excited to be at the centre of that change,” said Dhalla. “We believe in the future of advice and, more importantly, want to be the catalyst to move this industry forward around the world. We see ourselves as an enabler to the industry and want to work with forward-thinking carriers, advisors and strategic partners to reimagine the way our industry delivers value to customers.”