Group 11 leads this investment round in the company bringing simplicity and transparency to the historically complex industry of employer-sponsored health benefits in the U.S.
Insurights, the AI-powered platform designed to improve human health by allowing employees to seamlessly access, understand and utilize their health benefits, today announced a total of $22M in seed investment led by Group 11. The platform is bringing on-demand, personally tailored answers to any employee with questions on how to navigate their employer-provided health benefits, regardless of their insurance provider.
In addition to the profound impact on an employee’s mental and physical wellbeing, the lack of transparency around health coverage has a pervasive effect on the U.S. economy, which loses $21.6 billion a year solely due to the time employees spend on the phone with their health insurance company. In addition, it is estimated that companies lose $26 billion a year when employees take time off to deal with health benefits administrators.
Insurights removes this friction by allowing users to better navigate and utilize their healthcare coverage. Their innovative AI-driven platform uses Natural Language Processing technology to provide direct and clear answers to specific questions about health benefits based on an employee’s specific healthcare plan. Its key feature is Zoe, Insurights’ “Virtual Chief Health Officer,” who is able to analyze and break down any healthcare plan offered by any insurance carrier. Zoe eliminates the need to search through endless policy PDFs, or spend time on the phone with customer service agents. She can provide each employee with invaluable, time-saving information including how much a specific treatment would cost based on the employee’s coverage, recommended providers that accept the employee’s insurance and, soon, the ability for employees to make appointments within the platform. What’s more, Zoe will proactively remind employees to set up preventative care check ups like mammograms, yearly physicals, hearing tests and more, helping employees combat late detection, which costs employers up to $55B a year.
“The way U.S. workers engage with their health benefits is broken. We believed there had to be a better, more user-centric and innovative way for employees to understand what their health plans actually cover,” said Guy Benjamin, co-CEO and co-founder of Insurights. “At Insurights, we strive to simplify the healthcare process, leading to healthier, happier employees.”
Insurights was founded by Israeli-natives Guy Benjamin, Ben Nagar, Dr. Elad Ofir and Ben Goldenberg. After moving to America to join McKinsey & Company, Benjamin was struck by the complexity and inefficiency of the U.S. healthcare system. Influenced by his personal frustrations, Insurights, is paving the way for the future of healthcare transparency.
Group 11 led the $22M seed round in Insurights along with participation from Cresson Management, Good Company, and Insurtech Israel. The company will use the funds to build and scale its fast-growing team with seasoned backgrounds in the healthcare and insurance industries, including medical and insurance experts.
“Guy, Ben and the founding team at Insurights have an exceptional understanding of what is needed to solve one of the most common problems in U.S. healthcare,” said Group 11 Founding Partner Dovi Frances. “With Insurights, employees will no longer need to spend hours on the phone with insurance reps. HR managers will spend less time resolving employee benefits issues and deciding which healthcare plan to offer employees each year. CFOs will ultimately better manage their immense employee healthcare costs. We are thrilled to support Insurights’ vision and join them on this journey to radically change how employees access and understand healthcare benefits.”
About Insurights: AI-powered startup on a mission to improve human health by giving people better access to their health benefits. Their digital platform provides employees with on-the-spot answers to their health benefits questions, helping them find lower-cost providers and informing them about relevant preventive care benefits. Insurights’ mission is to help employees be healthier by making health benefits simple and accessible to everyone, everywhere.
Insurights is based in Israel and New York, and investors include Group 11, Cresson Management, Good Company, and Insurtech Israel.
About Group 11:
Group 11 invests in revolutionary software companies that are redrawing the landscape of the financial services industry. As FinTech continues to gain momentum and to disrupt the traditional industry value chain, Group 11 has positioned itself as a partner of choice to provide capital and guidance to entrepreneurs that are creating the world’s next generation of financial services industry leaders.
Since its inception, the firm has deployed over $500 million in some of Silicon Valley’s most prominent and disruptive financial technology companies, including Papaya Global, Tipalti, TripActions, HomeLight, SunBit, Next Insurance, Addepar, Lili, and EquityBee to name a few.