(Image of Zoe, Insurights’ Virtual Chief Health Officer. Source: Insurights.)
Insurights (New York/Tel Aviv), a startup that describes itself as an AI-powered platform designed to improve human health by allowing employees to seamlessly access, understand and utilize their health benefits, has raised a $22M seed investment led by Group 11 (Beverley Hills, Calif.). Insurights says it 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.
Insurights says its 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, the company says. “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,” an Insurights statement says.
“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,” comments Guy Benjamin, co-CEO and co-founder, 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 says he was struck by the complexity and inefficiency of the U.S. healthcare system. Influenced by his personal frustrations, Insurights, he says that is paving the way for the future of healthcare transparency.
Build and Scale
Group 11 led the $22 million seed round in Insurights along with participation from Cresson Management (Tel Aviv), Good Company (Tel Aviv), and InsurTech Israel (Tel Aviv). The company says it 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,” comments Dovi Frances, Founding Partner, Group 11. “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.”