What You Need to Know
- The lead investor is Thrive Capital, an investment firm founded by Joshua Kushner.
- CEO Michael Konialian previously helped CoverWallet set up an insurance distribution business aimed at agents.
- The company offers products from insurers such as AIG, Assurity, John Hancock, Lincoln, Nationwide, Prudential, Symetra and U.S. affiliates of Legal & General.
Modern Life is getting $15 million in cash it can use to set up a web-based life, health annuity brokerage aimed at advisors.
The New York-based startup is licensed to operate throughout the United States, including in New York state, and it will begin setting up relationships with many different large insurers, not just one or two.
The company has AIG, Assurity, John Hancock, Lincoln, Nationwide, OneAmerica, Prudential, Symetra, Mutual of Omaha’s United of Omaha unit, and U.S. affiliates of Legal & General on its issuer list.
Many web-based insurance agencies and distributors focus on offering relatively simple products, such as term life insurance, or accident insurance.
Michael Konialian, Modern Life’s CEO, said his company will have a broad product menu.
“In addition to life insurance, we are currently investing in building our capabilities in other underwritten financial products, like disability, long-term care and annuities,” Konialian said.
What It Means
Web-based retailers and distributors are growing up.
You may get more tools you can use to help your clients, and face more competition for your clients’ business.
Konialian, the Modern Life CEO, began setting up that company in February 2021, in “stealth mode.”
Before that, he spent three years at CoverWallet, an insurance quote service for small businesses. He built a division aimed at insurance agents there.
Konialian has a bachelor’s degree in mechanical and aerospace engineering from Princeton. For two years, he worked at the U.S. State Department. When he left, he was trying to secure nuclear materials worldwide.