LeapLife

LeapLife operates as an insurtech platform and digital life insurance agency, providing consumers with a streamlined process for obtaining life insurance coverage. Established in 2016 by co-founders Tom Patterson and Rajesh Chandran, the San Francisco-based company aimed to modernize the life insurance industry. The firm secured $1.5 million in funding from investors including Founders Fund, NFX, and Ridge Ventures. A significant milestone in the company's history occurred in April 2020 when it was acquired by Even Financial, a B2B fintech company that develops APIs for financial services. Following the acquisition, LeapLife's founder and CEO, Tom Patterson, transitioned to an advisory role at Even Financial.

The company functions as a digital insurance broker, enabling consumers to search, compare, and get matched with life insurance policies. Its business model centers on providing a marketplace that connects consumers with a variety of insurance carriers, including prominent names like Lincoln Financial Group, Prudential, and Transamerica. Revenue is generated by facilitating the sale of these policies on its platform. The platform utilizes data science and underwriting knowledge to offer personalized recommendations and real-time quotes, simplifying the application process for consumers. This allows individuals to apply for instant-decision life insurance policies, making the experience more efficient.

LeapLife's core service is its digital platform, which offers a range of life insurance products, primarily term life insurance with terms from 10 to 30 years, as well as whole, universal, and accidental life insurance policies. A key feature of the platform is its ability to provide instant quotes without requiring personal contact information upfront. Consumers can compare options from multiple A-rated carriers and apply directly online or via phone. The platform's matching algorithm and needs calculator help users determine appropriate coverage levels. This approach targets the consumer market, aiming to address the traditionally overwhelming experience of purchasing life insurance by offering a transparent and convenient digital solution. Even after its acquisition, the LeapLife platform continues to operate under its original domain, now powered by Engine by MoneyLion.

Keywords: digital life insurance, insurtech, life insurance marketplace, online insurance broker, term life insurance, whole life insurance, policy comparison, real-time quotes, financial technology, customer acquisition, insurance carriers, underwriting, policy recommendation, instant decision, Even Financial, Tom Patterson, Rajesh Chandran, insurance API, consumer insurance