Constituent policy

Life insurance policy refinancer Inclined raises $23M – Insurtech – Insurance News

Life insurance policy loan refinancer Inclined Technologies has raised $15 million ($22.95 million), with backing from HSCM Ventures.

The Slant Line of Credit provides policyholders with a secured revolving line of credit secured by the cash value of whole life insurance policies, which provides a permanent death benefit as well as a savings component.

San Francisco-based Inclined, launched in 2020, says it helps life insurance policyholders access their savings more efficiently.

About $150 billion ($229.49 billion) is currently borrowed against whole life policies, he says, “inefficiently, resulting in a sub-optimal composition of cash value and ultimate death benefit of these policies”.

“We are solving legacy problems that have existed in this market for decades, while applying technology to deliver a seamless experience for consumers and opening up new partnership opportunities for financial institutions,” Inclined said.

Vikas Singhal, partner at HSCM Ventures, who joins Inclined’s board, says the fintech is engaging carriers, policyholders and lenders in a “very aligned and coordinated way”.

“We view the policy loan refinance as the beginning of what can be unlocked through these embedded relationships,” Singhal said.

Inclined says its platform solves the problem of obtaining and structuring raw data from whole life carriers, and delivering it to partner financial institutions. CEO and co-founder Joshua Wyss says policyholders will be able to access their savings more efficiently and cost-effectively.

“With this capital, we will continue to improve how people access the equity they have built up in their whole life insurance policy, while serving as a trusted technology partner for whole life insurance companies. and financial institutions across the United States. This is a market that has yet to benefit from modern technology,” he said.