Life insurance firm Sproutt has raised $26m from a Series B funding round led by MoreTech Ventures.
The round also saw participation from Harel Group, Falcon Edge Capital, the Raptor Group and a range of other existing investors.
Launched in 2018, Sproutt is a platform that offers people a smarter and easier way to buy life insurance. The company claims it is reshaping the insurance industry by combining our unique technology and personal touch to offer our customers objective and trusted advice in the most transparent manner.
According to Sproutt, the funds will be used to further bring its health-incentivising instant-issue life insurance policies direct to customers and agents. The company mentioned the capital will also be used to roll-out a new predictive life insurance product that is developed from hundreds of thousands of data points gathered from Sproutt’s rapidly-growing customer base.
Sproutt co-founder and CEO Yoav 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.”
Alongside its direct-to-consumer sales model, the firm recently introduced a dedicated Agent platform that will allow US-licensed insurance sellers to offer Sproutt’s tailored life insurance policies to their customers quickly and easily.
Sproutt co-founder and president Assaf Henkin added, “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.”
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