Bestow has announced a $120 million Series D funding round, which was led by Goldman Sachs and Smith Point Capital.
Bestow’s mission has been to increase “financial stability” for consumers. The company aims to make life insurance “more accessible to millions of families at a faster rate than before.”
The company expects to use the funding to “broaden and enhance their platform capabilities, while rapidly expanding support of all life and annuity products.”
According to Bestow, they are building the next-generation insurtech platform. The company states they started with simple products and “invested deeply into their technology and functionality.”
Bestown states that it is now launching insurance products rapidly, “optimize those products in real time, delight customers, proactively stay compliant without slowing down, and create leverage for underwriters, actuaries, and business leaders.”
To date, they’ve reportedly helped carriers like Nationwide, Transamerica, and USAA launch new products “on their cloud-native, end-to-end technology platform.”
Carriers that operate on Bestow’s platform “achieve their business goals – growth, operating leverage, profitability, intelligence – with unprecedented success.”
This $120 million will be used to expand their product offering, invest in R&D, and improve the support for new and existing carriers.
As noted in the update, they are focused on “building the digital infrastructure of the life insurance industry.”
