Assured Allies founders (company pic)
Assured Allies, an Israeli insurtech startup, raised $42.5 million in a Series B round of funding co-led by FinTLV Ventures and existing investor Harel Insurance. The company has now brought in $65 million to date. Its platform combines machine learning and predictive analytics with the latest science of aging and essential human support, to offer, they boast, successful aging programs to reduce the risk of disability, and next-generation retirement products that make long-term care insurance “accessible and financially sustainable.”
Scientific breakthroughs, explains Assured Allies, have led to a situation where Americans now live longer, with 10,000 adults turning 65 every day. However, says the company, for most the increase in longevity is not coupled with better health or quality of life. As a result, more than 45 million Americans over the age of 55 are projected to need long-term care, creating a huge financial and social burden on families, and on insurance carriers.
Founded in 2018, Assured Alliesaunched its first product, AgeAssured, in 2020. AgeAssured is the first science-based platform to reduce disability and support aging at home on a large scale. It is offered in partnership with long-term care insurers and has proven efficacy and cost-efficiency in reducing premature age-related decline and enabling policyholders to continue living independently in their homes. To date, the program has demonstrated a significant and sustained impact on reducing the cost of long-term insurance claims by up to roughly 20%.
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Assured Allies launched its second product in 2022. NeverStop is an AI-driven, science-backed platform to create, underwrite, and support the next generation of retirement products. The NeverStop platform integrates digital underwriting, personalized risk reduction strategies, and financial support, so that individuals aged 55+ can lower their risk of disability and live longer and better in their homes. Patent-pending designs and technologies enable NeverStop to provide more insurance coverage as an incentive for members participation in its wellness program. Equitrust, one of the new strategic investors in this round, is a NeverStop carrier partner, having incorporated NeverStop in its new Bridge™ offering launched in November 2022.
“This funding round is a great testament to the trust our investors and partners have in the technology-driven successful aging platform we have built,” said Roee Nahir, co-founder and CEO Assured Allies. “The need for innovative long-term care solutions for the aging population has never been greater. With the US longevity economy valued at over $8 trillion, this is a blue ocean opportunity that is finally being accessed through technology. We experienced rapid growth this past year despite the macro economic climate, and we are only just scratching the surface. This coming year we expect continued growth, as we focus on making AgeAssured available to more policyholders and expanding the carrier and partner network for NeverStop. We look forward to bringing more innovative products to the long-term care insurance market and the 90 million Americans over the age of 55.”
