(Image source: Zorro homepage.)
Zorro (New York/Tel Aviv), provider of a platform designed to optimize the health benefits experience for employees, employers and brokers, has announced its launch out of stealth, along with an $11.5 million seed funding round co-led by Pitango (Tel Aviv) and 10D. The funds will be used to further expand R&D efforts and scale customer operations, according to a Zorro statement.
Zorro contextualizes its offering in terms of inherent difficulties and shortcomings associated with benefits provision. The process of offering employee benefits is complicated, opaque and burdensome, according to the vendor on its launch from stealth mode. For employers and brokers, offering benefits often results in unpredictable budgets, endless administration, and a distraction from the core business. For employees, health benefits are generic and too often, completely out of their control, the Zorro statement asserts.
Single, Comprehensive Platform
Zorro says it analyzes employers’ benefit objectives to create a top-down predictable budget and benefit allowance per employee or group of employees. The vendor says it also provides an end-to-end insurance management solution that offers a single, comprehensive platform making administering benefits seamless and effective. Additionally, Zorro reports that acts as a financial companion and analyzes employees’ healthcare needs, family situation, risk tolerance and other personal characteristics. It then generates a recommended benefit bundle consisting of health insurance, supplemental coverages, specialized digital health solutions, and other financial value-add services.
“Zorro sits at the exciting intersection of the healthcare and financial sectors, and we’re proud to have developed a technology that makes offering employee health insurance plans more transparent, cost-effective and personalized,” comments Guy Ezekiel, CEO and co-founder, Zorro. “Our solution flips the outdated health benefits model upside down and gives employers predictability, while providing employees with the coverage that best fits their needs. The multi-disciplinary expertise that exists among the Zorro team members, including in healthcare, InsurTech, software and big data, is a unique asset that allows us to accomplish our important mission of improving access to quality and affordable healthcare.”
Addressing an Unmet Need in the Market
“Zorro’s founders have leveraged their strong backgrounds in healthcare, financial investments and technology to address an unmet need in the market,” comments Rami Kalish, Co-Founder and Managing Partner, Pitango. “This new model that simplifies the employee health benefit selection process will undoubtedly see quick adoption by small to medium-sized businesses due to its ease of use and immediate return on investment.”
“Almost 90 percent of employers plan to make changes to their health vendor partnerships in the next two years, but are still lacking the tools to offer employees personalized health insurance,” says Yahal Zilka, Managing Partner, 10D. “By prioritizing the health and financial requirements of employees, Zorro is putting the employee in control to ensure maximum and ideal insurance coverage.”