Sproutt is an Israeli life insurance and insurtech startup. Sprout just raised $26 million in a Series B round of investment led by MoreTech Ventures with investment from Harel Group, The Raptor Group, and Falcon Edge Capital.
Sproutt says that the money will be used to promote its “health-incentivizing instant-issue life insurance policies” direct to customers and agents. In addition, the funds will be used to roll out a new predictive life insurance product, developed from hundreds of thousands of data points gathered from Sproutt’s customer base.
According to Investopedia, insurtech refers to the use of technology innovations designed to squeeze out savings and efficiency from the current insurance industry model. Insurtech is a combination of the words “insurance” and “technology,” inspired by the term fintech.
There have been a number of Israeli insurtech startups bringing in the money these days. Just a few weeks ago, Sayata, an Israeli insurtech startup that offers a solution for insurance brokers and carriers to grow their business insurance portfolios, raised $17 million in series A funding. The company declares that it delivers rapid growth to insurance brokers and carriers that focus on small-to-medium businesses. The Sayata platform streamlines the quote-bind-issue process allowing insurance professionals to seamlessly place more insurance policies in a fraction of the time.
Sproutt calls itself a new kind of life insurance company that, “uncovers and rewards the ‘hidden’ healthy behaviors in everyone.” The company has its own insurtech that uses AI technology. Sproutt says that its Quality of Life Index (QLI) assesses behaviors that reflect healthy living – movement, sleep, emotional health, nutrition, and overall lifestyle balance – to personalize life insurance policies for each customer.
Sproutt sells its policies direct-to-consumers as well as through agents and brokers via its Agent Portal. Backed by State of Mind Ventures, Moneta VC, FinTLV, Guardian Life, MS&AD Ventures, MoreTech Ventures, Harel Group, Menora Mivtachim, Raptor Group, and Falcon Edge Capital, Sproutt’s business operations are based in New York with an R&D center in Tel Aviv.
— Sproutt Insurance (@SprouttIns) September 14, 2021
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,” said Assaf Henkin, Co-Founder & President & Co-Founder of Sproutt. “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.”
“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,” said Yoav Shaham, CEO & Co-Founder of Sproutt. “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.”