(Image source: Overalls.)
Overalls (New York), a tech-enabled benefits company that describes its value proposition as combining concierge-like services with personalized financial protection to help people save time, money and stress, announced that it has closed $4.6M in new funding to accelerate its growth and product development. RPM Ventures (Ann Arbor, Mich.), which has been investing in businesses revolutionizing insurance and financial services for two decades, led the round. Other participants in the round include Frontier Ventures (Cupertino, Calif.), angel investor and former NFL player Jerod Mayo, and various other existing investors. With cumulative funding of $8.6M, Overalls says it is poised to achieve its vision of making financial resilience obtainable by the masses.
Overalls places the funding round within the context of the pandemic which it says has reinforced the importance of financial, mental and personal well-being, with employees placing increased value on receiving those types of support mechanisms from their employers. A recent study by PwC (London) found that 63 percent of employees felt their financial stress had increased since the beginning of the pandemic and that 45 percent of those under financial stress had been distracted at work and an incredible 72 percent would be attracted to another employer who cared more about their financial well-being. Yet, another recent study by SHRM (Alexandria, Va.) and JP Morgan (New York) that polled human resource professionals found that 74 percent of employers had not added new benefits or extended existing benefits to help employees ease their financial stress.
Overalls says it is addressing this need by creating a personalized and dynamic insurance model and partnering with employers across the country to deliver well-rounded benefits for the modern workforce.
Founded in 2021 by fintech veterans Jon Cooper and Emily Johnson at Redesign Health (New York), Overalls’ InsurTech platform integrates seamlessly with existing benefits programs and enables companies to help their people save time, money and stress, while also improving adoption of voluntary benefits, according to the vendor. It aims to improve people’s overall financial resilience and make insurance more relatable and accessible to everyone. Overall’s insurance platform provides a consumer-centric experience that is centered around three core product areas, as described by the vendor:
Hassle Helper: A digitally enabled human support assistant to help individuals save time and navigate life’s hassles such as household and car repairs, credit monitoring, identity theft, travel issues and more.
Pocketbook Protector: Personalized portfolio of insurance and financial products curated to a person’s lifestyle, helping them save money now and reduce risk in the future.
Mighty Moments: Celebrates individuals around important life events such as weddings, new home and car, new baby, with rewards and planning support.
“Overalls is bringing much needed innovation to the area of supplemental benefits by making insurance engaging, relatable and personal,” comments Adam Boyden, Managing Director, RPM Ventures. “Overalls will fundamentally reshape how consumers think about insurance and employers think about benefits. The team’s ambitious vision aligns perfectly with RPM’s approach to investing in companies that profoundly improve financial services.”
Since Overalls’ launch last year, the company says it has built significant momentum, securing partnerships with leading companies and infrastructure solutions including AllState Identity Protection, Matic, Boost and Ladder. The company has signed over twenty-five employers to pilot their new offering. This new funding round will be used to accelerate its market expansion and insurance offerings.
Focus on What Matters Most to People
“A majority of people dread dealing with insurance issues and don’t think about insurance until it’s too late,” says Jon Cooper, CEO, Overalls. “We want to demystify insurance and focus attention on what matters most to people–saving time, celebrating important milestones and planning for the future. We’re excited by the incredible employer feedback and early adoption we’re seeing in the market, and today’s investment will allow us to further expand our suite of insurance offerings.”
Overalls says that it helps employers bring more competitive and innovative benefits to their teams: save time and frustration, celebrate life milestones and help protect the people and things they care about most. Overalls has also joined the newest cohort of emerging tech solutions at EHIR Academy, Employer Health Innovation Roundtable, a coalition of nearly 100 of the largest and most progressive Employers.