DeadHappy,
a U.K.-based insurtech startup that wants to offer more flexible life
insurance and remove the taboo surrounding death, has raised £4 million
in Series A funding. Backing comes from e.ventures, alongside the
company’s seed investor Octopus Ventures.
Founded in 2017, DeadHappy
claims to be the U.K.’s “first fully digital pay-as-you-go life
insurance provider.” It offers flexible life insurance policies that are
designed to be “cheaper, easier and better” than existing traditional
providers. This includes pricing insurance based on your current
circumstances and the option to add (or remove) further coverage on a
rolling basis.
More broadly, the startup is developing what it
calls its “Deathwish” platform, which is something akin to a will. The
idea is that you can specify how you wish any future insurance payout to
be used, such as paying off your mortgage. And there are also plans to
incorporate other wishes not related to finances.
“Our vision is
to change attitudes to death and we are tackling that in a number of
ways,” DeadHappy co-founder Phil Zeidler tells me. “Despite death being
the one certainty humans face, it remains for many a taboo subject, and
the failure to talk about it and plan for it is both counterintuitive
and leads to significant further trauma at the most difficult of times
for family and loved ones.”
Currently
the Deathwish platform offers financially motivated Deathwishes, but
the longer-term plan is to enable practical Deathwishes, such as making
sure your funeral is the way you want it, and what Zeidler calls
emotionally motivated Deathwishes.
The idea is to help offer a way
to help loved ones “achieve something meaningful in their lives,
whether that’s learning how to play the drums or funding an expedition
to the Amazon,” he explains.
“Crucially, customers can share these
Deathwishes as they choose, which is a practical tool to ensure their
wishes are clear and understood. Our platform acts as a catalyst for
opening a conversation with loved ones and a place to share recorded
video messages and stories.”
Meanwhile, DeadHappy says it will use
the new funding for future growth by further building the technology
and capabilities of its Deathwish platform. It also plans to expand its
product and partnership offerings to major financial service
distributors.
Source. TechCrunch, Steve O'Hear, September 27, 2019
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