Bequest is creating a digital revolution in the insurance industry with the sole purpose of simplifying wills and life insurance for the millennial market. Today Bequest announces its £1.7 million investment and the launch of its life insurance offering as it strives to make sure everyone has access to life insurance that doesn’t break the bank. They also report a significant company growth of 325% since the start of the pandemic.
Life insurance policies have not changed in over 100 years and are out of touch with modern life. Bequest is bringing life insurance and wills into the 21st century, placing value on a personalised, holistic approach to providing cover for families and loved ones. Its life-admin platform is simple and easy to use, allowing customers to get cover for up to £500,000 in as little as 15 minutes, rather than the normal 6 weeks. Their proprietary tech involves no medical checkups or mental health discrimination, and the process has each individual customer in mind.
Bequest is an award-winning insurtech backed and supported by insurance and tech industry heavyweights including Berkshire Hathaway’s GenRe, Covea Insurance and Founders Factory. Its advisory board includes some of the most well-known names from the likes of Bupa, RGA, Techstars and Prudential. Today’s announcement of £1.7million investment is led by Kuvi Capital and includes Clocktower Ventures and Form Ventures.
With an increase in the number of people searching for answers on how to prepare for end-of-life and next-of-kin, Bequest is a timely resource for the time-poor millennials who are looking for options that fit with their lifestyle. They launched their free will service and recently, version 2.0 of its life insurance product, Bequest Life, and has already had more than 1000 customers within weeks of going live.
James Buckley-Thorp, CEO and founder of Bequest said:
“Everyone deserves the right and opportunity to take care of their loved ones. Currently, 38 million families are unprotected and uninsured each year. We, at Bequest, want to make sure everyone is covered by making it relatable, accessible and something that does not cost an arm and a leg. If you look at the life insurance industry, it is out-of-date and overly complex with jargon that has plagued it for hundreds of years.
Ultimately, people want life insurance online, want it quickly and want more knowledge and support – we have seen that in the hugely positive response to date to our product. With this latest funding we can now supercharge our growth and become the all-of-life platform for the millennial generation”.
Richard Sears, Kuvi Capital’s investment director added: “What initially drew us to Bequest was the nature of the life insurance market: vast, underserved and still largely undisrupted in the UK. What convinced us to lead their initial investment round was the quality of the team and their innovative approach: both in terms of creating their own unique life insurance product and developing a compelling go-to-market strategy. We’re really impressed by their early traction with customers and are excited to partner with them on the journey ahead.”