Vigil Raises $1.3M to Revolutionize Automation Solutions for Insurance Carriers
Vigil, an innovative InsurTech company dedicated to revolutionizing the annuity industry, has successfully secured $1.3 million in a pre-seed funding round. This investment will support its mission to enhance API-driven automation solutions tailored for insurance carriers.
Funding Details and Investors
The recent funding round was spearheaded by M25, with significant contributions from Nationwide Ventures, Rex Salisbury, Clocktower Ventures, and Meridian Ventures, as reported by InsurTech Insights.
About Vigil and Its Services
Founded in 2023, Vigil offers a white-label digital platform that empowers insurance carriers to automate post-issue processing efficiently and at scale. The platform is designed to streamline data collection and assist insurers in guiding customers through intricate workflows. Key features include:
- Support for document uploads
- Electronic signatures for a seamless user experience
Goals of the Funding
With the newly acquired funding, Vigil aims to:
- Enhance product development initiatives
- Expand its market presence
The company aspires to become a leader in the digital transformation of annuity services, an area historically dependent on manual, paper-based methods.
Industry Insights
Victor Gutwein, managing partner at M25, emphasized the importance of accurate paperwork in the life insurance and annuity sectors. He stated, “Vigil has created a product that is much faster and more secure, allowing modern, digital policy changes to occur with less error and increased client satisfaction.”
Vigil’s Vision
Mason Entingh, CEO and co-founder of Vigil, shared insights on the existing challenges in the annuity space, noting:
“Technology in the annuity sector is lagging. Most solutions focus on distribution rather than servicing existing policies. Our goal is to help carriers rethink service from the ground up, creating a modern experience for financial professionals and policyholders.”
Transforming Annuity Services
CTO and co-founder Reis Renneker highlighted Vigil’s approach to modernization, stating:
“We’re applying principles that have transformed e-commerce and digital banking to the annuity industry, facilitating true straight-through processing that converts manual tasks into fully digital workflows.”
This innovative approach promises to enhance daily operations for carriers and advisors, resulting in faster requests, fewer errors, and an improved servicing experience.
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