Digital life insurance distribution platform, Insurance Supermarket International Inc. (ISI), has closed a $100m equity investment from Gallatin Point Capital LLC (GPC) to accelerate global growth.
This transaction represents ISI’s first institutional equity round since launching its digital distribution and administration platform in 2015.
The proceeds from the funds managed by GPC, will be used to accelerate ISI’s profitable growth in life insurance across North America and to scale its technology-driven platform services and distribution channels.
GPC will appoint its Co-Founder and Managing Partner, Matt Botein, to ISI’s Board of Directors, according to the announcement.
Botein commented: “We have been impressed by ISI’s vision and its values, which have fuelled the company’s tremendous growth while delivering valuable and essential financial security to its customers.
“ISI combines entrepreneurial energy and creativity with institutional quality product design and service. We look forward to supporting the company’s growth into new products and markets.”
With over 150,000 families currently relying on ISI for financial security, the insurer highlighted that it has established itself as the leading digital life insurance player and one of the very few that has successfully scaled its business in multiple countries and languages.
Alex Dudarev, Founder and CEO of ISI, said: “Gallatin Point’s knowledge of the sector and the alignment of our vision for the future of the insurance industry allows us to touch and improve more lives and to help the life insurance industry transition to the digital age.
“We are working hard to ensure that the number of underinsured families is decreasing and our partnership with Gallatin Point allows us to quickly and seamlessly make a meaningful difference in the industry.”
