Insurtech Bestow lands $120M Series D from Goldman Sachs, Smith Point Capital

Melbourne O’Banion co-founded insurtech Bestow with Jonathan Abelmann in 2017 after struggling to secure his own life insurance policy. His goal was to make it easier for people to obtain life insurance and make the process more tech-enabled. Initially, Bestow operated as a direct-to-consumer insurance provider — selling, underwriting, and servicing life insurance policies. In those first few years, the startup processed over a million applications. Its no-exam underwriting platform gained traction during the COVID pandemic as traditional medical exams were paused. As it grew its D2C business, Bestow in parallel developed software to help modernize the whole process. Recognizing the value in that software, Bestow in 2024 sold its insurance carrier and consumer business to Sammons Financial Group for an undisclosed amount. It switched its focus to providing its software and services to other life insurance companies so those companies could “become more digital” and thus, more effici ... Read full article.