Insurights, an AI-enabled platform that helps users navigate their health benefits, announced that it raised $22 million in a seed funding round.
Group 11 led the round with participation from Cresson Management, Good Company, and Insurtech Israel.
The company plans to use the new funds to build out its team with healthcare and insurance experts.
According to Insurights, its platform provides on-demand, personally tailored answers to employees with questions on navigating their employer-provided health benefits, regardless of their insurance provider.
The platform allows users to navigate better and utilize their healthcare coverage. The company said it 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.
The platform’s key feature is Zoe, Insurights’ “Virtual Chief Health Officer,” who can analyze and break down any healthcare plan offered by any insurance carrier. It provides each employee with 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. According to the company, it also reminds employees to set up preventative care checkups like mammograms, yearly physicals, hearing tests, and more, helping employees combat late detection, which costs employers up to $55 billion 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,” Guy Benjamin, co-CEO and co-founder of Insurights, said in a statement. “At Insurights, we strive to simplify the healthcare process, leading to healthier, happier employees.”
Digital Health companies in the first half (1H) of 2021 raised $15 billion in venture capital funding. The funding activity increased by 138% during 1H 2021, compared to $6.3 billion raised in 1H 2020.
