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Insurights Raises $22 Million for Insurtech

Insurights

Insurights team. Photo Insurights

Insurights, an Israeli insurtech startup that has developed an artificial intelligence AI powered platform designed to allow employees to utilize their health benefits, has raised a total of $22 million in seed investment led by Group 11. Cresson Management, Good Company, and Insurtech Israel also participated in the round.

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.

“Insurights ensures employees can access, understand, and utilize their health and wellness benefits, saving employers and employees time and money.”

There have been a number of Israeli insurtech startups bringing in the money these days. A few weeks ago, VOOM, an Israeli startup that offers specialized mobility insurance, raised $15 million in a Series B funding round and has a total investment of $22 million to date. Voom offers a service where people pay for insurance based on the mileage that they drive.

In September, Sproutt, an Israeli life insurance and insurtech startup, raised $26 million in a Series B round of investment. 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.

InsuRights boasts that its artificial intelligence-powered digital platform will “effectively become an organization’s Chief Health Officer.” It provides employees with immediate answers to their health coverage and benefits questions, assists them with finding lower-cost providers and lets them know about relevant preventive healthcare benefits that can help them be healthier.

Zoe is Insurights’ “Virtual Chief Health Officer,” who the company declares is able to analyze and break down any healthcare plan offered by any insurance carrier.

“Our mission is nothing short of making employees healthier, happier and more productive by helping them access, utilize, and understand their health benefits,” said InsuRights’ founders. “With InsuRights, employees and employers, including human resources professionals, will no longer need to call a call center to understand their medical benefits, and for the first time, will have unprecedented insight into which healthcare benefits employees value or would value, which are working to improve their lives and which are superfluous or ineffective.”

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