Israeli health incentivized life insurance company Sproutt has announced the completion of a $26m Series B financing round led by MoreTech Ventures and with participation from Harel Group, The Raptor Group, and Falcon Edge Capital, and existing investors.
Based in New York and Tel Aviv, Sproutt has developed a predictive life insurance, which uncovers and rewards the 'hidden' healthy behaviors in everyone, before immediately issuing policies. The company's life insurance policies take into account the positive elements of each individuals' lifestyle. Sproutt's Quality of Life Index (QLI) assesses behaviors that reflect healthy living - movement, sleep, emotional health, nutrition, and overall lifestyle balance - to personalize the policy for each customer based on their individual QL score. Unlike the traditional life insurance industry which primarily penalizes individuals for negative elements of their lifestyles.
Sproutt was founded by CEO Yoav Shaham, president Assaf Henkin and CTO Itai Brickner.
Shaham said, "Most people have at least one aspect of their lifestyle that is healthier than they think - whether it be how they sleep, how much they move, or what they eat. At Sproutt, we are leveraging the QLI we've developed to discover the hidden healthy behaviors that exist in each person and reward them with the best possible life insurance to reflect their lifestyle. This investment is a huge vote of confidence in Sproutt from investors that see how the market is changing and believe in our vision to redefine what life insurance can do for those who prioritize healthy living."
Henkin added, "In addition to its direct-to-consumer sales model, the company recently launched a dedicated Agent Platform, enabling US licensed insurance sellers to offer Sproutt's tailored life insurance policies to their customers quickly and easily. "The pandemic threw a wrench into the process of face-to-face sales for insurance sellers, widening the 'needs gap' of 41 million Americans needing but lacking life insurance. When brokers started approaching us requesting access to our tailored life-insurance policies, we knew we could fill this gap and help a large segment of the population gain access to quality policies."
Published by Globes, Israel business news - en.globes.co.il - on September 15, 2021
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