iCover, an algorithmic underwriting platform built for speed and scale, has increased its partner network by one-third over the past year. U.S.-based insurtech launched for life insurers targeting the middle market.
The InsurTech firm now works with 30 insurance carriers, a clear signal of accelerated adoption across the life insurance sector.
Founded just over three years ago, iCover provides real-time data analysis and predictive algorithms to streamline the life insurance application process. Its AI-powered system enables rapid underwriting decisions, supporting higher conversion rates and lowering distribution costs.
Hari Srinivasan, co-founder and CEO, said the expansion reflects a shift in how the industry approaches underwriting.
There’s growing demand for faster, smarter workflows that don’t compromise transparency. We’re partnering with carriers and platforms that recognize the need to rethink how life insurance is sold.
Hari Srinivasan, co-founder and CEO at iCover
The company’s partners now include a broad mix of national and regional life insurers, digital agencies, and distribution networks. Each uses iCover’s AI system to deliver real-time eligibility results, improving advisor productivity and reducing friction for applicants.
Recent survey data highlights strong consumer support for shorter application cycles. In a July poll of over 2,000 U.S. adults, 65.1% said they would be more inclined to purchase life insurance if the process were simplified. Only 0.9% expressed concerns related to AI, such as privacy or data use.
iCover’s technology is built with modular components and complies with regulatory explainability requirements, making it suitable for carriers focused on scalable digital transformation.
Built by industry veterans Hari Srinivasan and Nicole Mwesigwa, the platform combines more than 30 years of experience in InsurTech and automated underwriting.
iCover allows carriers to quote, underwrite, and issue policies in less than five minutes.
iCover has raised $5 mn in Pre‑Series A funding, announced in August 2022, aiming to scale its AI-powered underwriting infrastructure for life insurance and related financial services. That remains the only publicly disclosed funding round to date.
Founded to streamline underwriting workflows, iCover integrates data sources and predictive modeling to help insurers assess risk in minutes rather than weeks. The company’s platform automates much of the manual underwriting process, significantly reducing friction for both insurers and policyholders.
This latest round positions iCover to accelerate development, expand its insurer partnerships, and push deeper into digital distribution. The funding will also support broader adoption of real-time underwriting APIs and enhancements in the platform’s risk scoring capabilities.
The company’s automated underwriting engine has gained traction among U.S. insurers looking to reduce operating costs, improve decision accuracy, and meet consumer demand for faster policy issuance. With this investment, iCover plans to extend its footprint across North America and support insurers navigating regulatory and operational pressure to modernize legacy systems.
In June 2025, iCover added AI‑based persona-driven assistance to its consumer platform, iCover Direct, enhancing product recommendations.
In August 2025, a survey from iCover Direct found that 65.3 % of U.S. adults said AI-based personalization would increase their interest in buying life insurance.
