Dayforward Raises $25M and Acquires Commercial Travelers Life Insurance

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Dayforward, the first digital life insurance firm designed for modern families, announced today that it has acquired Commercial Travelers Life Insurance Company, a legendary insurance carrier founded in 1883. The acquisition coincides with the debut of Dayforward’s revolutionary life insurance solution across the majority of the country, with further national expansion planned through 2023. AXA Venture Partners led a $25 million round of fundraising, with participation from existing investors such as HSCM Ventures, Juxtapose, and Munich Re Ventures.

Dayforward, the first digital life insurance firm designed for modern families, announced today the acquisition of Commercial Travelers Life Insurance Company, a legendary insurance carrier founded in 1883. The acquisition corresponds with the debut of Dayforward’s revolutionary life insurance solution throughout the majority of the country, with further national development planned through 2023. The company has announced a $25 million round of fundraising headed by AXA Venture Partners, with participation from previous investors such as HSCM Ventures, Juxtapose, and Munich Re Ventures.

The acquisition of Commercial Travelers Life Insurance Company (CTLIC) will allow Dayforward to expand nationally and diversify its product lines spanning life, health, disability, and retirement, providing clients and partners with a more comprehensive financial security solution.

Dayforward’s patented technology and automated underwriting system provide a best-in-class consumer experience, allowing customers to fill out a simple online application and receive a fast decision at a reasonable cost. Dayforward is also available through an increasing number of national partners. Its policies are reinsured by Munich Re Life US, a subsidiary of the Munich Re Group, a global supplier of reinsurance, primary insurance, and insurance-related risk solutions.

Senior executives from the technology, marketing, and insurance industries established and lead Dayforward. Shapiro formerly served as the Founder and CEO of Huge, a digital transformation firm bought by Interpublic Group, as well as the Founder and CEO of Silverpop, a marketing automation SaaS sold to IBM. Dayforward’s Head of Insurance Product and Actuary, Matthew Wolf, was previously the Actuarial Lead at Haven Life, MassMutual’s digital innovation business. Head of Finance Zohaib Rathore, who was previously the Chief Risk Officer and Chief Actuary of LogitudeRe, and Head of Underwriting, who previously held underwriting leadership posts at National Life Group and Crump Insurance Services, are among the other executives.

Dayforward is a digital life insurance solution built for modern families. As a full stack carrier, Dayforward manufactures and distributes financial security products that are easier to understand and buy. The company was founded in 2020 with investment backing from AXA Venture Partners, HSCM Ventures, Juxtapose and Munich Re Ventures; all policies sold by Dayforward are reinsured by Munich Re Life US.

AXA Venture Partners (AVP) is a global venture capital firm with over $1.2B of assets under management. AVP invests across stages in rapidly growing tech companies in enterprise, fintech, consumer and digital health sectors. With offices in ParisLondon and New York, AVP helps companies scale internationally. AVP also offers portfolio companies unique business development opportunities to further accelerate their growth.

 

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