$20M Series A Fuels Modern Life’s AI-Powered Platform

The AI-powered life insurance brokerage, Modern Life, announced raising $20 million in Series A funding led by Thrive Capital, with participation from Allegis, Northwestern Mutual Future Ventures, and New York Life Ventures.

With industry-leading instant quoting, data-driven underwriting, Express Decision’s instant decision capability, and end-to-end agency management, Modern Life has advanced quickly since its $15 million seed round led by Thrive Capital.

The new funding brings the total amount raised to $35 million. The funding will boost Modern Life’s expansion, increase strategic alliances across the country, and quicken the creation of new products for its own AI-powered 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.”

An estimated 90% of the $175 billion life insurance industry in the United States is sold through consultants.

With a typical permanent life policy in the industry taking six months to close, advisors now must deal with a great deal of complexity, including handling rigorous medical underwriting procedures, sorting through dozens of carriers and products, and optimizing financial and tax performance.

The AI-powered platform from Modern Life assists advisors in improving customer value and results, streamlining workflows, and providing quicker, more effective solutions.

“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 serving 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.”