Israeli insurtech company Assured Allies today announced the completion of a $42.5 million Series B financing round. This brings the total amount raised by Assured Allies to $65 million. The capital raised will be used to produce growth and expansion of the company’s carrier and partner network.
The round was co-led by FinTLV Ventures and existing investor Harel Insurance, and was joined by new and existing investors including Lumir Ventures, Hamilton Lane, New Era Capital Partners, MSAD ventures, Core Innovation Capital, Poalim Equity, EquiTrust Life Insurance Company, Akilia Partners, and Samsung Next. The global makeup of investors in this round underscores the universal need for innovation in the long-term care insurance market.
Assured Allies platform combines machine learning and predictive analytics with the latest science-of-aging and essential human support, to offer aging programs proven to reduce the risk of disability, and next-generation retirement products that make long-term care insurance accessible and financially sustainable.
The funding comes amidst surging growth in Assured Allies’ platform this past year, having partnered with several leading long-term care insurance carriers and increasing the number of members on its platform by over 300%.
Assured Allies cofounder and CEO Roee Nahir said, “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.”
Assured Allies cofounder and president Dr. Afik Gal added, “The way people plan for aging and their expectation of aging is fundamentally changing and we are excited to continue to lead the way with our proven solutions to making longevity financially sustainable. Both Roee and I were caregivers to our parents and grandparents, and that experience inspired us to start this business. We saw needless suffering- physical and financial – and we recognized that to transform society, we had to use science and technology-based innovation to interrupt the aging trajectory and keep people living at home as long as possible.”
Assured Allies launched its first product, AgeAssured, in 2020. AgeAssured is a 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.
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 and over can lower their risk of disability and live longer and better in their homes.”
Published by Globes, Israel business news – en.globes.co.il – on March 7, 2023.
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