Scout InsurTech Interview with iCover

iCover is an eApp powered by proprietary AI/algorithmic underwriting. They seek to help carriers reduce acquisition costs, simplify underwriting and increase access to life insurance for consumers. Chris Luiz sat with CEO and Co-Founder, Hari Srinivasan, to learn more about how iCover is impacting the industry.

Who are your clients?

We currently support 30 life insurance carriers. Our clients span a range of product lines, including complex ones like long-term care. We're positioned to help carriers with both technology and services, and soon also with distribution through our upcoming brokerage.

What does your product do?

We began by supporting carriers in the life insurance space with an e-app and underwriting platform. From there, we built a comprehensive suite of technology products covering the full new business and operations supply chain for life insurers. Over time, we added services such as manual underwriting, service consulting and digital marketing. More recently, we’ve expanded into direct-to-consumer distribution and plan to launch a brokerage arm to support small agents and agencies. So, we are a full-stack technology, services and distribution company for the life insurance market.

How much capital have you raised?

We had an initial commitment of $5 million from an independent investor, but only took $1.2 million. We’ve mostly bootstrapped our growth.

Was the company born from within or outside the industry?

The company was born from within the industry. Both my co-founder Nicole and I came from RGA, where we worked closely with carriers and deeply understood their problems and opportunities. Beyond that, our personal stories have made us obsessively passionate about improving the life insurance space.

What growth metrics have you accomplished over the last 12 months?

In the last year, we reached $9 million in combined sales for our carrier clients. We also significantly diversified our offerings by adding distribution capabilities, which positions us to support even more parts of the value chain.

Within your domain, what is the current challenge that the industry is facing?

One major challenge is the brutally long sales cycle in life insurance. It can take two to three years to land a carrier client. Carriers are cautious because many have been burned by previous technology vendors. They often question the credibility of new startups and remain skeptical of bold performance claims. The trust barrier is significant, and being part of a cohort of startups that have historically disappointed insurers makes it harder to gain initial confidence.

How does iCover take a unique approach to providing value?

Our value proposition is clear and measurable. For every one of the 30 carriers we work with, we help increase sales by at least 25 percent and reduce acquisition costs by 30 to 40 percent. We combine tech, distribution and services to deliver end-to-end solutions that improve performance without increasing operational costs. This practical focus and ability to deliver results make us stand out.

What inspired the team to start this company?

This is my second startup, and I am passionate about building ventures that have real impact. Nicole and I also have personal stories that drive our commitment to life insurance. We are dedicated to improving the processes for consumers, carriers and agents alike.

Can you share any goals for the next 12 months?

Launching our brokerage is a major initiative that will enhance our distribution capabilities. Additionally, we plan to start supporting some of our smaller carriers with reinsurance and capitalization, leveraging our background and experience to provide this new layer of value in 2025.

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