Afficiency, a NYC-based insurtech company focused on innovating the end-to-end life insurance buying process, raised $7M in Series A funding.
The round, which brings the total raised to $10.2M, was led by IA Capital Group with participation from Impression Ventures, SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) and Western & Southern Life. In conjunction with the funding, Rick Viton, Partner at IA Capital Group, is joining Afficiency’s Board of Directors.
The company intends to use the funds to accelerate its strategy to modernize the life insurance market, bringing 100% digital in-session life insurance products to agents, distributors, carriers, and other valued partners through custom integrations.
Led by Mark Scafaro, CEO and Co-Founder, Afficiency is an insurtech company with a product catalog spanning categories such as term, whole life, disability, and universal life. It enables distributors and other brands to white-label and distribute its life insurance products in a customizable way. With the proprietary API, the company can bring its suite of products into partners’ native environments. And for those starting from scratch, they can offer an out-of-the-box customer journey. Afficiency works with its carrier and reinsurance partners to develop these products. All products are digitally underwritten and issued to applicants within seconds.
Afficiency supplies such products to several startups, including Sproutt, the insurance company that uses data and AI to reward people living healthy lives, and Pendella, a startup technology company offering an end-to-end digital individual life and disability insurance platform to distributors and carriers.