Israeli life insurance platform Sproutt announced that it had raised $ 26 million in Series B financing. The round was led by MoreTech Ventures with investments from Harel Group, The Raptor Group and Falcon Edge Capital, alongside existing investors. While traditional life insurance policies penalize individuals for negative life choices, Sprout also takes into account a person’s positive and “hidden healthy” life choices.
“Most people have at least one aspect of their lifestyle that is healthier than they think, whether it’s how they sleep, how much they move or what they eat,” Yoav Shaham said. , CEO and co-founder of Sproutt. “At Sproutt, we leverage the QLI we have developed to uncover 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 who see how the market is changing and believe in our vision to redefine what life insurance can do for those who put healthy living first.
Sproutt has a Quality of Life Index that measures behaviors associated with a healthy lifestyle – such as nutrition, sleep, mental health, etc. – to customize the policies of each customer according to their specific score. According to Sproutt, the higher the customer score, the lower their risk, which allows customers with high QL scores to get policies that reward their healthy lifestyle behaviors. They claim that the entire digital process only takes 15 minutes.
The company has also launched a dedicated agency platform that can help licensed insurance sellers in the United States bring Sporutt’s technology to their customers. Assaf Henkin, co-founder and chairman of Sproutt, explained how “the pandemic has turned the face-to-face selling process for insurance sellers upside down, widening the ‘needs gap’ of 41 million Americans needing but lacking life insurance. When brokers started contacting us to request access to our bespoke life insurance policies, we knew we could fill this gap and help a large portion of the population access quality policies.
Sam Bernstein, partner at MoreTech Ventures, said they “see a huge opportunity to revolutionize the way life insurance is priced and delivered to clients through data analytics, time policy issuance. real, cheaper coverage and long-term user engagement ”. Peter Monaco of Raptor Group added how “Sproutt has achieved a strong product / market fit and momentum in addressing the flaws in the way traditional life insurance has been historically designed and sold. ”
Sprout was founded in 2018 by Henkin, Shaham, and Itai Brickner, who is the company’s CTO. The recent round brings its total funding to $ 38 million, following its Series A in 2019.