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SAN FRANCISCO, July 21, 2021 / PRNewswire / – Just two short months after one was announced $ 200 million Series D round that has increased its rating to $ 2 billion, Ethos, the leading insurtech company transforming the life insurance industry, has an additional $ 100 million in capital letters. SoftBank Vision Fund 2’s new investment brings up the valuation of Ethos $ 2.7 billion and the total amount of funds raised $ 400 million. SoftBank joins a star cast of investors including Sequoia Capital; Acceleration; GV (formerly Google Ventures); General catalyst; Jay-Z’s Roc Nation; and the investment vehicles of the stars Will Smith and Robert Downey Jr.
With new offices in Austin, TX and Singapore, Offered in 49 states and with the goal of doubling the number of employees by the end of 2021, Ethos has grown significantly and increased its momentum compared to the previous year. Revenue and users are both up more than 500 percent year over year, and the company expects $ 20 billion of life insurance coverage in 2021, outperforming all competitors. In addition to its sales and user growth, the company is about to begin $ 100 million in annualized gross profit.
“Everyone should have the opportunity to protect their families,” said Peter’s package, Ethos CEO and Co-Founder. “Our goal is not just to provide the best insurance customer experience ever, but to offer it to everyone. Even at this early stage, we demonstrated that our technology can do this in life insurance. We are excited to use our technology and data platform in a new way to further expand this safety net. “
According to a recent study by industry research firm LIMRA and the nonprofit Life Happens, only 58% of men and 47% of women have life insurance, and despite an increase in sales during the pandemic, there are 102 million uninsured and underinsured Americans. That’s 40% of the adult population who think they need to take out life insurance or increase their coverage. Ethos leverages innovative machine learning and data science technologies to expand the addressable life insurance market. Its technological advantage removes barriers that prevent customers from purchasing life insurance, including getting it out in minutes without medical exams, blood tests, or complex paperwork.
The company’s intent to democratize access to life insurance for a broader segment of U.S. families, including more women and more low- and middle-income families, is reflected in the success of its model: over 40% of new policyholders in the first half of 2021 had an income of $ 60,000 Or less. Almost 40% of new policyholders were under 40 years of age. since January 1, 2021who have favourited the top 5 professions held by new policyholders are housewife, insurance agent, business owner, teacher, and nurse. “In the past six months we have insured more truckers and current military personnel than lawyers,” noted Colis.
As the world’s largest private technology investor, SoftBank Vision Funds have more than $ 3 billion at Insurtech companies around the globe. The company supports China largest online insurer ZhongAn and PolicyBazaar, India largest online insurance retailer. In addition, the parent company Softbank Group has a stake in Lemonade.
Munish Verma, Managing Partner at SoftBank Investment Advisers, said, “Ethos is leveraging data and its vertically integrated tech stack to fundamentally transform life insurance in the US. A fast and easy online application process enables the company to accurately draw and insure a wide segment of the business from customers quickly. We look forward to partnering with Peter’s package and the extraordinary team at Ethos. “
About ethos
Ethos is a novel life insurance provider making coverage easy and accessible for millions of families. Ethos leverages in-depth technology and data science to remove traditional barriers to life insurance and lead the industry into the modern age. The company built its technology from the ground up with a focus on creating a seamless customer experience. a mobile-first online application process that takes minutes instead of weeks and offers coverage for over 99% of applicants without a medical examination and some health issues. The result is a life insurer that puts people first. The company is based in San Francisco with offices in Austin and Singapore. To learn more, visit www.ethoslife.com.
Press contact: ethos@methodcommunications.com
* As of the date of this press release, SoftBank Group Corp. Contributions made to enable SoftBank Vision Fund 2 (“SVF 2”) to invest in certain portfolio companies. The information contained herein is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy limited partner shares in any fund, including SVF 2. Third-party investors will receive additional information on all SVF 2 investments prior to closing.
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SOURCE Ethos
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