Life5

Life5, a Spanish insurtech company headquartered in Madrid, is positioned to modernize the life insurance sector in Europe. Founded in 2021 by Guillermo Alen, Yago Montenegro, and Yago Mendez, the firm was initially known as Getlife before rebranding. The company operates as a Managing General Agent (MGA), partnering with established insurers like AXA and CNP Assurances to offer its products.

The business model centers on a direct-to-consumer, fully digital platform that streamlines the process of acquiring life insurance. Clients can receive a quote and purchase a policy online in minutes, bypassing traditional requirements like medical exams. This is facilitated by a dynamic underwriting engine capable of processing up to 700 illnesses and high-risk professions, which significantly increases applicant acceptance rates. Revenue is generated through the sale of these insurance policies. Beyond its direct channel, Life5 also distributes its products through a network of brokers, agents, and affiliates.

The company offers a variety of life insurance products, including coverage for mortgages, critical illness, and provisions for families. Key features of their service include the elimination of permanence clauses, allowing customers to cancel at any time, and flexible policy adjustments to accommodate life changes such as marriage or new homes. The firm also provides capital advances for funeral expenses and inheritance taxes. Having established a presence in Spain and France, Life5 has expanded into Italy through a partnership with Allianz Global Life and has plans for further European growth.

Life5 has secured significant financial backing, raising a total of $18.2 million over three funding rounds. Notable investment rounds include a Series A funding of €10 million ($10.7 million) in June 2023, with participation from investors such as Singular, Mundi Ventures, and Global Brain (Sony Financial Ventures). This capital is intended to bolster its team, solidify its position in current markets, and fuel international expansion.

Keywords: life insurance, insurtech, digital insurance, online insurance brokerage, MGA, financial services, mortgage insurance, family protection, no-exam life insurance, flexible insurance, European insurtech, policy administration, underwriting technology, direct-to-consumer insurance, CNP Assurances partner, AXA partner, Allianz Global Life partner, Guillermo Alen, Yago Montenegro, Yago Mendez