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Ashered Allies, a retirement savings-focused company, announced today that it has closed $42.5 million in Series B funding.
It’s the size of a Series B that’s so important because of the challenging fundraising environment for insurance companies, as described by several of my colleagues in recent stories.
For example, Kyle Wiegers reported that investment in the sector in the fourth quarter of 2022 “fell to the lowest level since Q1 2020.” Released in 2021.
All told, Assured Partners joins the ranks of insurance companies around the world that have recently secured good funding, including Equisoft, Naked Insurance, Turaco and Acco.
The round was led by FinTLV Ventures and existing investor Harrell Insurance, with participation from new and existing investors including Lumire Ventures, Hamilton Lane, New Era Capital Partners, MS & AD Ventures, Core Innovation Capital, Poalim Equity, Equitrust Life Insurance Company. ., Aquilia Partners and Samsung Next. It brings the company’s total capital to $65 million.
The new funding comes in a year in which Assured Partners has partnered with several leading long-term care insurance providers and has seen 300% growth in the number of members using the Assured Partners platform, according to Co-Founder and CEO Roy Nahir, “successful in age.”
As more Americans live longer and nearly 10,000 adults turn 65 every day, that means more people will need long-term care, an aspect of caregiving known to be a huge financial burden, he said. Depending on the state you live in and the type of care, the average cost of long-term care can start around $5,000 a month and go up.
Nahir and Afiq Gal, a medical doctor, started Assured Als in 2018 after their own experience as caregivers of aging family members. The company uses machine learning and predictive analytics, along with science-aging and essential human support, to deliver retirement products and programs.
Its first product launched in 2020 was AgeAssured, which partnered with long-term care insurers to reduce disability and support easy aging skills at home. It has been proven to reduce the cost of long-term insurance claims by 20 percent, Nahir told TechCrunch. NeverStop, the second product, comes in 2022 and uses artificial intelligence and science to create and write retirement products.
Nahir explains that there is an “aging economic paradox” in which older Americans have accumulated $80 trillion in wealth, but face many real, serious problems, such as depression and loneliness. While there are many companies with great solutions, few large insurance companies are solving it, which is where Nahir Certified Partners stands out.
“Part of the problem is that these people are the end users of new technologies and I believe going to market is a challenge for these companies,” Nahir said. To sell something to an 80-year-old user, you have to partner with 100-year-old companies. If people don’t know you, they won’t trust you with a pension or policy, so you need a very strong staying power.
Nahir plans to use the new capital secured this year for further development of Assured Allies products and expansion of the company’s service provider and partner network.
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