Sydney-based insurtech LifeBid has raised $700,000 and launched an equity crowdfunding campaign with investor Stride Equity. 

LifeBid says it currently has a waitlist of 2000 advisers for its digital platform, developed to enable financial advice providers and insurers to manage clients’ life insurance needs while cutting costs by up to 90%.  

It has assembled a working group with six out of nine retail life insurers, industry expert advice partners and “an impressive advisory board with experience across all key areas of the life insurance value chain,” Stride says, and these partners are assisting with the delivery, marketing and distribution of the LifeBid platform. 

It is the first company Stride Equity has approved for an investment and hosting on its platform since its launch earlier this year.  

“We have committed to invest in LifeBid as our first portfolio company after reviewing more than one hundred investment opportunities in the past few months,” Stride Equity Director Alan Chonowitz said.  

“The team stand out with their passion, knowledge and execution capability and have a genuine opportunity to disrupt an underserved industry with their platform.” 

Founder Brett Wright says it can be “hard, unprofitable and risky for advisers, licensees and insurers to help more Australians”.  

“A confluence of technology inadequacies and regulatory complexities are making risk advice unviable for advisers to provide and unaffordable for consumers to access,” he said. 

“We want our adviser and licensee industry colleagues to be owners, beneficiaries and the driving force behind LifeBid. Partnering with the Stride team in this crowdfunding offer will make this possible and we are excited to be their first portfolio company.” 

Around 75% of all new life policies are issued by only 1700 advisers, with many Australians remaining underinsured. In-force policies are declining, and claims are rising.  

LifeBid’s main source of revenue will be through monthly subscription fees for advisers, licensees and insurers. Its Advisory Board, comprising insurance advisers, licensees, and six out of nine retail life insurance companies, has been instrumental in designing the platform. 

Stride says LifeBid has experienced and passionate founders who set out to solve an urgent unmet need in an underserved industry by providing an innovative technology solution that is highly scalable.  

“Their early engagement with the entire insurance ecosystem is a proof point for us, as they build on these strategic partnerships to facilitate rapid market penetration,” CEO Maria Halasz said. 

“With a highly experienced founding team, track record of delivery, great product-market fit and strong industry support LifeBid ticks all the boxes for us for an investment and we are excited to bring investors this opportunity through our platform.” 

Austbrokers Life MD Ben Donald says he is investing in LifeBid – “the next evolution, with Brett and his team delivering an impressive industry solution that will allow us to see more clients, more efficiently.”