Integrity Life raises $43m in series B funding
Life insurance provider Integrity Life has raised $43 million in a series B round of funding, with the capital to be used to support the expansion of operations and continued development of its digital-led insurance offering.
The majority of capital came from institutional funds manged by Schroders, with support from existing shareholders Leadenhall Capital Partners and Daido Life.
Eric Dodd, Integrity Life chair, said they were thrilled to have had the confidence and backing of Schroders.
“Our ethos of ‘digital when you want it, human when you need it’ allows us to marry the convenience of technology with an empathetic approach that guides everything we do,” Dodd said.
“In an industry that is crying out for innovation, we’re excited that this injection will enable us to bring more Australian firsts and step-change improvements to both the financial adviser and customer experience.”
Scott Mitchell, portfolio manager for Life Insurance Linked Securities at Schroders, said the firm was excited to support Integrity Life in its next phase of growth as it continued to strengthen its position in the Australian life market.
“The investment provides Schroders’ investors with a rare opportunity to support a digital-focused business that provides access to diversifying life insurance risks, such as mortality, critical illness and disability,” Mitchell said.
AUTHOR
Chris Dastoor
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
