What You Should Know:
– Assured Allies, an insurtech company for evidence-based successful aging raises $42.5M in Series B funding round co-led by FinTLV Ventures and existing investor Harel Insurance, and was joined by new and existing investors including Lumir Ventures, Funds managed by Hamilton Lane (NASDAQ: HLNE), New Era Capital Partners, MS&AD Ventures, Core Innovation Capital, Poalim Equity, EquiTrust Life Insurance Company, Akilia Partners, and Samsung Next. The latest round brings the total capital raised to $65M.
– Thanks to scientific breakthroughs, people are living longer. But for most, the increase in longevity is not coupled with better quality of life. More than 45 million Americans over 55 are projected to need long-term care, creating a huge financial and social burden on families and myriad challenges for insurance carriers.
The Right Interventions, at the Right Time
Assured Allies’ platform combines machine learning and predictive analytics with the latest science of aging to offer successful aging programs proven to reduce the risk of disability, and next-generation retirement products that make long-term care insurance accessible and financially sustainable.
Assured Allies launched 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%.
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. “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.”
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