LifeBid Crowdfunding Now Open

Insurtech firm, LifeBid, has opened crowdfunding investment in its digital platform to the wider life insurance and financial services community, encouraging advisers to invest alongside its strategic investors on the same terms.

LifeBid’s digital platform, as previously reported by Riskinfo, is designed, once launched, 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%.”

In August, the company launched a crowdfunding campaign following a strategic co-investment of $700K from industry partners in conjunction with crowd funding platform, Stride Equity (see: LifeBid Launches Crowd Funding Campaign).

LifeBid founder, Brett Wright is now opening the offer to advisers until October 6, unless its maximum allocation is reached before that date.

…advisers who invest will receive priority onboarding and a lifetime discount

Wright says he wants the industry to be “…shareholders, beneficiaries and the driving force behind LifeBid’s industry solution to fix life insurance advice,” adding that advisers who invest will receive priority onboarding and a lifetime discount.

Prior to the launch of the crowdfunding campaign the company had confirmed that over 2,000 advisers had registered their interest (see: LifeBid Releases Update).

Wright is now encouraging advisers to view the offer document, noting they can invest from as little as $750.

Strategic Investors

Prior to opening its crowdfund offer, the firm had secured $700k in investments from strategic investors which include MBS Insurance, Austbrokers Life Managing Director, Ben Donald and well-respected risk focussed adviser, Katherine Hayes.

Hayes says she invested in LifeBid because it is “…working with a large cross section of industry partners, to build and deliver the first complete life insurance advice solution, to allow greater efficiency and profitability for advisers, whilst providing an enhanced service offering for our clients.”

In a similar vein, MBS Insurance’s Partner and Co-CEO, Drew Burden, says the firm invested because it supports LifeBid’s vision of greater connectivity between advisers, their clients and insurers across the new business, renewals and claims processes: “We see the solution LifeBid is developing making a significant difference to the industry’s ability to provide life insurance advice and support more efficiently, whilst improving outcomes for our clients and more Australians,” notes Burden.

Meanwhile, Donald says he sees LifeBid as the next evolution “…with Brett and his team delivering an impressive industry solution that will allow us to see more clients, more efficiently. I’m investing in LifeBid because it’s the technology solution that will accelerate our industry into the future.”

Advisers and other interested stakeholders can click here to link to the LifeBid crowdfunding offer page and to view the offer document.