Insuretech firm, LifeBid, has launched an equity crowdfunding campaign following a strategic co-investment of $700K from industry partners in conjunction with equity crowd funding platform, Stride Equity.
In a statement announcing the launch of the campaign, and as previously reported in Riskinfo, LifeBid’s digital platform is being developed “…to enable financial advisers and insurers around the country to seamlessly engage, educate, advise and manage clients’ life insurance needs, while cutting costs to serve by up to 90%.” (See also: LifeBid Releases Update).
…accessing and providing life insurance advice in Australia …has long been plagued by complex regulations, inadequate technology and soaring costs
The release notes the rationale for the development of the LifeBid offer is motivated by the fact that accessing and providing life insurance advice in Australia “…has long been plagued by complex regulations, inadequate technology and soaring costs, leading to frustrated advisers, licensees, insurers and consumers alike.
It says LifeBid’s digital solution aims to connect all industry stakeholders and enable advisers to “…seamlessly manage their clients’ needs on a single platform, providing better value and experience for customers.”
With 2,000 advisers currently on a waitlist for the platform rollout, LifeBid co-founder, Brett Wright, says “As advisers ourselves, and like many others in the life insurance sector, we have seen how expensive it has become for consumers to access good quality advice and cover, and experienced how hard, unprofitable and risky it has become for advisers, licensees and insurers to help more Australians.”
We want our adviser and licensee industry colleagues to be owners, beneficiaries and the driving force behind LifeBid
Wright adds “We want our adviser and licensee industry colleagues to be owners, beneficiaries and the driving force behind LifeBid.”
From the equity partner perspective, Stride Equity CEO, Maria Halasz, notes “LifeBid is the perfect example of the type of businesses we look to fund; it has experienced and passionate founders who set out to solve an urgent unmet need in an underserved industry by providing an innovative technology solution that is highly scalable. Their early engagement with the entire insurance ecosystem is a proof point for us, as they build on these strategic partnerships to facilitate rapid market penetration.”
Limited investment allocations in LifeBid Holdings are available from today to retail and wholesale investors on the Stride Equity crowdfunding platform. Click here for more details.
