Scaling Sureify’s platform with TIMIA investment
~ TIMIA’s investment in Sureify will help them expand their platform to deliver digital solutions to more insurance companies around the world. ~
In June, TIMIA Capital announced a $2 million investment facility for Sureify, a San Jose, California-based software company. Sureify is the developer of a B2B SaaS platform tailored specifically for the insurance industry. The company’s mission is to modernize the life insurance and annuity industry through Lifetime—its omni-channel digital sales, policyholder service, and engagement platform. TIMIA chatted with Sureify CEO and founder, Dustin Yoder, to find out more about the company’s mission and plans for the future.
Sureify Labs: Where it all began
Sureify Labs was formed in 2012 to develop solutions to drive digital transformation in the insurance industry. Initially, the company explored a direct-to-consumer life insurance product that tied premiums to healthy customer activities (made possible by IoT and wearable devices).
According to Dustin, “As we were building the platform and testing product-market fit with consumers, we discovered an even stronger interest in a platform from traditional insurers and realized our product could help hundreds of insurers throughout the customer’s lifetime. Thus we decided to shift strategies to focus on what we now call the Lifetime platform, serving as a technology platform for the life and annuity industry.”
Today, Lifetime has three main modules that span the insurance customer journey:
- Omnichannel digital sales
- Digital customer service
- Customer engagement
The versatile platform features consumer-facing web and mobile applications, automated messaging and self-service, agent engagement console, marketing dashboard, underwriters data platform with analytics and reporting. Lifetime can be implemented right on top of existing policy administration or core systems such as CRM, contact center platforms, and most industry specific third-party applications.
Today, Sureify has over 50 employees and is heavily focused on product development and engineering to ensure their solutions are robust, secure, and reliable for its insurance clients.
What’s next for Sureify?
Demand for Sureify’s Lifetime platform is growing at an impressive rate. TIMIA’s investment will help to drive product scalability and make Lifetime available to more customers around the world.
According to Dustin, “We plan to use this investment to drive deeper ‘platformitization’ of our solution and create an ever more scalable product to meet customer demand. TIMIA’s investment will help us fund this platform expansion, building more robust APIs and enabling further low code and configuration deployments. At the end of the day, it’s about allowing our customers to move faster and reduce capital expenditures.”
Why Revenue Financing?
Sureify already secured past capital investment from several venture partners and was seeking less dilutive capital to get a greater valuation down the line. Dustin met the TIMIA Capital team at the SaaStr Annual Conference and started researching revenue financing options.
We found revenue financing to be a more founder-friendly method for growth as it means we don’t have to give away large chunks of our business,” said Dustin, “There is great DNA in a revenue financing partner as they encourage good business practices. We’ve gained a partner who encourages us to grow wisely versus a partner who throws money, encourages unwise spending, and creates pressure to grow at an unsustainable rate.”
Sureify is primed for sustainable growth and currently has customers in North America and Japan. We look forward to following them as they continue to support the insurance vertical in its customer-facing digital transformation efforts.