Israeli insurtech company Sproutt Insurance announced today that it has raised $12 million in Series A financing from State of Mind Ventures (SMOV), Moneta Capital, and Guardian Life. Sproutt uses data and AI to offer better life insurance terms to customers who lead healthier lives. .
Sproutt cofounder and CEO Yoav Shaham said, "We don't come from the life insurance industry. But we have a lot of experience in unlocking the value of data in traditional markets. For decades life insurance providers have mainly sought to punish negative lifestyle choices such as smoking when calculating pricing. As crazy as it sounds, until now the industry has almost never even tried to reward people for being healthy; for being active, eating and sleeping well, or living a balanced life. Sproutt ensures that people who make positive lifestyle choices that improve their longevity are supported and rewarded with the best policies, and that they adopt these good behaviors, as it means that we all will have increasingly less expenses."
Guardian Life Insurance EVP Andrew McMahon said, "Sproutt's vision of personalized life insurance directly aligns with Guardian's focus on providing an exceptional, effortless customer experience. We began working with Sproutt in 2018 and soon realized the potential impact their technology could have on our business and the industry at large, as evidenced by our investment. Their ambitious use of data and artificial intelligence across the customer journey is part of a broader transformation of the industry and complements our technology driven approach to customer acquisition and engagement."
Shaham added, "This industry is like data spaghetti that nobody has been able to untangle. We started with a clean plate and asked ourselves, how can we measure somebody's quality of life, and how can we deliver the best experience and policy based on that?"
"Gaia" (guy-a) is the Guided Artificial Intelligence Assessment technology that powers the Sproutt QL Index. Based on established research of how various lifestyle behaviors impact longevity, Gaia is able to assess and correlate a variety of previously siloed human health attributes such as sleeping patterns, eating habits, and whether you own a pet, and then leverage them for a more precise assessment of a specific individual's health. The assessment process and resulting QL Index score are used to provide personal insights, recommendations, and best matching life insurance product.
Sproutt president Assaf Henkin said, "Breathing new life and positivity into an old industry has been both a challenge and a privilege. Sproutt believes life insurance is critical, because it protects that which is most dear to us: our families. This is why life should be celebrated. We saw how to use data and AI for good to benefit consumers and disrupt an industry that has failed to modernize. Sproutt provides people with a high quality experience and guides them to the life insurance they deserve, many times the same day they apply."
Published by Globes, Israel business news - en.globes.co.il - on December 12, 2019
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