Sproutt Secures $26m in Series B Round

Sproutt, the life insurance company that uncovers and rewards the ‘hidden’ healthy behaviors in everyone, today announced a $26m Series B round led by MoreTech Ventures with investment from Harel Group, The Raptor Group, and Falcon Edge Capital, alongside existing investors. The funds will be used to further bring Sproutt’s 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 rapidly growing customer base.

Unlike the traditional life insurance industry which primarily penalizes individuals for negative elements of their lifestyles, Sproutt’s policies are also taking into account the positive elements of each individuals’ lifestyle. Sproutt’s Quality of Life Index (QLI) assesses behaviors that reflect healthy living – movement, sleep, emotional health, nutrition, and overall lifestyle balance – to personalize the policy for each customer based on their individual QL score. The higher the customer’s QL score, the lower their risk. This allows customers with high QL scores to get personalized life insurance policies that reward them for the healthy behaviors in their lifestyle. All this in a simple 15 minute digital process. 

“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.”

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.” 

“We see a huge opportunity to revolutionise the way life insurance is priced and delivered to customers through data analytics, real-time policy issuance, cheaper coverage and long-term user engagement”, said Sam Bernstein, Partner at MoreTech Ventures. “Unlike auto and home, life insurance is a largely paper driven and slow-moving process in which large parts of society find themselves uninsured, underinsured, or paying expensive premiums. We are excited to be supporting Sproutt as it accelerates its unique offering directly to consumers and agencies.”

“Sproutt has achieved strong product/market fit and great momentum by addressing the flaws in the way traditional life insurance has been designed and sold historically,” said Peter Monaco at Raptor Group. “By using their Quality of Life Index (QLI) Platform to reward healthy behaviors in individuals, Sproutt is able to offer a more personalized product offering to customers. Raptor Group prides itself on supporting companies with disruptive visions that deliver improved value to consumers and we look forward to helping accelerate Sproutt’s mission to do just that.”

Sproutt is at an exciting stage of their growth journey, and we are thrilled to be a part of it,” said Tomer Goldberg Managing Director, Harel Technolgy investments at Harel Insurance and Finance Group. “We are confident that Sproutt will be an important partner and player in the evolution of the life insurance landscape, and eagerly anticipate seeing how they can bring wellness-centric life insurance to as many customers as possible.”

About alastair walker 10917 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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