Melbourne O'Banion co-founded Bestow in 2017 to simplify the life insurance process, leveraging technology. Initially successful as a direct-to-consumer provider, Bestow's no-exam underwriting gained traction during COVID-19. In 2024, Bestow shifted focus from its insurance carrier business to providing software services to other life insurers, recognizing the demand for digital tools. The company raised $120 million in Series D funding to enhance its product offerings and capabilities, bringing its total equity funding to over $300 million, while its valuation has approximately doubled since its last funding round.
Initially, Bestow operated as a direct-to-consumer insurance provider, selling and servicing life insurance policies. Its platform gained traction during the COVID pandemic.
Bestow's software modernization aimed to make life insurance processes easier for customers and other insurance companies, reflecting a growing need for digital solutions.
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