Sydney-based Integrity Life has secured $43 million to support further development of its digital-led insurance offering.

The majority of the capital comes from institutional funds managed by Schroders, whose Portfolio Manager for Life Insurance Linked Securities Scott Mitchell says the investment was “a rare opportunity to support a digital-focused business that provides access to diversifying life insurance risks”.

Integrity Life is privately owned by local and offshore investors, including specialist insurance investor Leadenhall Capital Partners and Daido Life Insurance Company, both of which also participated in the latest raising alongside Australian and other investors.

“We are on a growth trajectory, despite the backdrop of COVID-19 and a possible global recession,” Chairman Eric Dodd said. “Our low-cost operating model and flexible technology systems give us a significant advantage to adapt and pivot to keep pace with change.”

Last year Integrity and became the first life insurer to win an Australian Good Design Award with its adviser portal.