Thrive Capital, New York Life Ventures, and Northwestern Mutual Future Ventures support Modern Life, bringing next-generation technology to one of the last untapped sectors in financial services.
Modern Life, the AI-powered life insurance brokerage transforming how advisors serve their clients, announced today that it has raised $20 million in Series A funding led by Thrive Capital, with participation from New York Life Ventures, Northwestern Mutual Future Ventures, and Allegis.
Bringing its total raised to $35 million, the new funding builds on Modern Life’s rapid progress since its $15 million seed round led by Thrive Capital, including industry-leading instant quoting, data-driven underwriting, Express Decision instant decision capability, and end-to-end agency management. The capital will further fuel Modern Life’s growth, expand strategic partnerships nationwide, and accelerate product development of its proprietary AI-driven platform.
“Life insurance remains one of the biggest untapped opportunities in financial services,” said Nabil Mallick, Partner at Thrive Capital. “Modern Life is reimagining how the industry works by empowering advisors with cutting-edge, AI-powered tools, unlocking lasting value for the entire ecosystem.”
The $175 billion U.S. life insurance market is primarily advisor-distributed, with an estimated 90% of policies sold through advisors. Today, advisors have to navigate tremendous complexity from optimizing financial and tax performance, sifting through dozens of carriers and products, and managing extensive medical underwriting processes, with a typical permanent life policy in the industry taking six months to close. Modern Life’s AI-powered platform helps advisors streamline workflows, deliver faster, more efficient solutions, and enhance client value and outcomes.
“We started Modern Life to solve a clear problem: we believe that advisors have an incredibly important job but face a complex and dizzying set of obstacles to serve their clients well,” said Michael Konialian, Founder and CEO of Modern Life. “We provide everything that advisors need to deliver better client outcomes and run their firms more efficiently, at scale. We have been pushing the frontier of what is possible in life insurance, integrating what would have otherwise been served by over 10 fragmented legacy tools into a singular platform, removing friction across the entire client journey. Our AI helps advisors navigate the most complex parts of the job – it’s like having a medical underwriter, tax expert, financial planner, product specialist, and marketer at your side.”
“Our experience at New York Life Ventures points to a simple truth: advisors are essential to how life insurance is purchased,” said Tim Del Bello, Head of Investments at New York Life Ventures. “Modern Life has built its growth on this foundation, using AI to elevate what advisors do best – serving their clients.”
Life insurance is arguably the most intricate retail financial product, involving detailed tradeoffs between financial optimization, tax planning, medical underwriting, and carrier-specific rules. Modern Life’s proprietary AI platform was built to address this complexity by embedding AI across the entire client journey and supporting advisors in four key areas:
- Underwriting and Risk Assessment: Analyzes medical and financial data in minutes, instead of weeks, and identifies the most competitive carriers for each individual’s needs.
- Advice and Recommendations: Helps advisors bridge insurance, tax, and financial planning, adding breadth to the deep expertise advisors already provide.
- Workflow Automation: Streamlined processes surface the right information at the right time, reducing policy cycle times.
- Client Lifecycle Management: Handles all client data, quotes, applications, and medical evidence through a secure, unified dashboard.
Modern Life gives advisors access to more than 30 carriers and every major product type from permanent and term life to annuities and long-term care. Its platform features the industry’s most advanced instant quoting capabilities, reducing the time it takes to generate quotes from hours or even days to just minutes. With Express Decision, Modern Life’s instant underwriting program, clients can receive offers four times faster than traditional methods – in as soon as minutes. Clients benefit from up to 20% in cost savings through smarter product selection, underwriting expertise, and dedicated advocacy.
Modern Life is SOC 2 certified and built with enterprise-grade data security, ensuring firms and their clients can confidently manage sensitive information throughout the life insurance process.
