HSCM-backed Dayforward announced new funding and acquisition

24-01-2023

HSCM-backed Dayforward announced new funding and acquisition

Dayforward, “the first digital life insurance company built for modern families”, backed by Bermuda’s Hudson Structured Capital Management, has acquired storied insurance carrier Commercial Travelers Life Insurance Company (CTLIC).

The acquisition coincides with the launch of Dayforward’s life insurance solution in most of the country. The company also announced a $25 million round of funding led by AXA Venture Partners, with participation from existing investors, including Hudson’s venture capital arm HSCM Ventures, as well as Juxtapose and Munich Re Ventures. The latest funding round brings the company’s aggregate amount of capital raised to $45 million.

The CTLIC acquisition and funding will enable Dayforward to expand nationally and broaden its product lines across life, health, disability and retirement. Its proprietary technology and automated underwriting system allow customers to complete a simple application online and get an instant decision. Its products are also available through a growing number of partners across the country, with policies reinsured by Munich Re Life US.

“Today, families go through great difficulty to get the financial security they need. Life insurance can be a tedious and confusing process,” said Aaron Shapiro, Founding CEO of Dayforward. “We've made life insurance simple and easy to buy, with smarter coverage for families. We're excited that we can now offer life insurance through Dayforward to families across most of America, with the rest of the country soon to follow.”

Shapiro was previously the founder and CEO of Huge, a digital transformation consultancy acquired by the Interpublic Group, and founder and CEO of Silverpop, a marketing automation SaaS sold to IBM. Meanwhile, Matthew Wolf, Dayforward’s head of insurance product and actuary, was previously the actuarial lead at Haven Life, the digital innovation unit of MassMutual. 

“Dayforward is a product-first, tech-enabled life insurance start-up that now has the ability to distribute through multiple channels – direct, agent, and partner – almost nationally," added Vikas Singhal, founding partner of HSCM Ventures. 

“As a full-stack insurance company with a focus on automated underwriting and a streamlined front-end, Dayforward is positioned to innovate across core areas of the industry and seeks to bring customized products to the market that fit specific customer needs. We are excited to partner with Aaron and the team.”

HSCM-backed, Dayforward, announced, funding, acquisition

Bermuda Re