Modern Life
Category: AI in Fintech
Modern Life is an AI-powered life insurance platform designed for financial advisors, offering instant quoting, algorithmic underwriting, and generative AI tools to streamline life insurance processes. Modern Life was founded in 2021. The company is led by Michael Konialian. Based in New York, United States. Team size: 11-50. Total funding raised: $35 million. Latest round: Series A. Key investors include Thrive Capital, New York Life Ventures, Northwestern Mutual Future Ventures, Allegis.
- Founded
- 2021
- Headquarters
- New York, United States
- Team size
- 11-50
- Total funding
- $35 million
Value proposition
Empowers advisors with AI-driven solutions to simplify complex insurance processes, improve client engagement, and accelerate sales through instant quoting and automated underwriting
Products and solutions
Term Life Insurance, Permanent Life Insurance, Long-Term Care Insurance, Disability Insurance, Annuities
Unique value
Integration of generative AI (e.g., chatbot passing life insurance licensing exams) and algorithmic underwriting for rapid, data-driven decisions. Advisor-centric platform rather than direct-to-consumer model
Target customer
Financial advisors and insurance agents who need technology-driven tools to assist clients with life insurance
Industries served
Financial Services, Life Insurance, Insurtech
Technology advantage
AI-powered platform reduces manual work for advisors, enables personalized client interactions, and accelerates case placement for complex or high-risk cases. Express Decision capability reduces policy cycle times from months to minutes
How they differentiate
Modern Life specializes in AI-powered life insurance platforms for financial advisors, offering instant quoting, algorithmic underwriting, and partnerships with 30+ carriers. They focus on advisor-centric tools rather than direct-to-consumer models, serving as a B2B2C platform that augments traditional advisory relationships
Main competitors
Ladder (D2C term life), Ethos (simplified issue life), Lemonade (multi-line digital insurer), Bestow, Fabric by Gerber Life
Key partnerships
30+ Leading Life Insurance Carriers, Thrive Capital, New York Life Ventures, Northwestern Mutual Future Ventures, Allegis
Major milestones
Raised $35M total funding ($15M seed + $20M Series A), Expanded to all 50 states through carrier partnerships, Launched AI-powered life insurance platform for advisors, Added long-term care insurance offerings (2024), Partnered with 30+ national carriers
Growth metrics
N/A (private company)
Market positioning
Positioned as a technology-enabled life insurance brokerage targeting financial advisors, with a focus on streamlining the insurance purchasing process through AI and digital transformation. Backed by major incumbent life insurers' venture arms, signaling collaboration rather than disruption
Geographic focus
Operations cover all 50 U.S. states, with partnerships expanding nationwide coverage
Patents and IP
No publicly disclosed patents at this time
About Michael Konialian
Former VP & General Manager at CoverWallet (acquired by Aon), Management Consultant at McKinsey & Company, Harvard Business School MBA. Built and led the agent division at CoverWallet through hypergrowth to acquisition.
Official website: https://www.modernlife.com