New life insurer Ethos started operating in the U.S. with $11.5 million in financing led by Sequoia Capital and a credit facility from Silicon Valley Bank.
Other participating investors include Stanford University, Arrive, a subsidiary of Roc Nation, Robert Downey Jr.’s Downey Ventures, Kevin Durant’s Durant Company and Will Smith’s Smith Family Circle.
Ethos uses technology and predictive analytics to modernize the life insurance process and align products with what families want and need during critical times in their lives, the company claims. The insurer is licensed in 49 states and has already processed thousands of applicants for life insurance coverage, according to the firm. Ethos is co-founded by Peter Colis and Lingke Wang, who together previously co-founded Ovid Life, a life insurance marketplace.
“Ten million new individual life policies are sold annually in the U.S., and Peter and Lingke have identified the opportunity to modernize their delivery and packaging for the next generation,” said Roelof Botha, partner at Sequoia.
Ethos claims most people can apply and qualify for a policy after a 10-minute application versus the 10 weeks it takes through a more traditional process.
