Assured Allies gets $42.5 million Series B to help Americans ‘age successfully’

Assured alliesan insurtech company focused on retirement savings, today announced the closing of a $42.5 million Series B funding.

That’s a pretty sizable Series B size given the tough fundraising environment for insurtech companies noted by several of my colleagues in recent articles.

For example, Kyle Wiggers reported that investments in the sector fell in the fourth quarter of 2022 to their “lowest level since the first quarter of 2020”, Anna Heim spoke with investors who are still hanging in there and Mary Ann Azevedo has written about M&A exitsthat insurtech led in 2021.

All told, Assured Allies partners with insurtech companies around the world that have recently managed to secure decent funding, including Equisoft, Naked insurance, Turaco And Akko.

The round was co-led by FinTLV Ventures and existing investor Harel Insurance, who were joined by new and existing investors including Lumir Ventures, Hamilton Lane, New Era Capital Partners, MS&AD Ventures, Core Innovation Capital, Poalim Equity, EquiTrust Life Insurance Co., Akilia Partners and Samsung Next. This brings the company’s total fundraising to $65 million.

The new funding follows a year in which Assured Allies partnered with several major long-term care insurance companies and saw a 300% growth in the number of members using the Assured Allies platform for, such as the describes co-founder and CEO Roee Nahir, “aging successfully.” .”

He said that as more Americans live longer and about 10,000 adults turn 65 every day, that means more will need long-term care, one aspect of well-known as a huge financial burden. Depending on the state you live in and type of care, the average cost of long-term care could start around $5,000 per month and go up from there.

Nahir and Afik Gal, a doctor, started Assured Allies in 2018 after their own experiences as caregivers to aging family members. The company uses technologies such as machine learning and predictive analytics, along with the science of aging and essential human support to deliver retirement products and programs.

Its first product, launched in 2020, was AgeAssured, which partners with long-term care insurers to reduce disability and support easier aging-in-place capabilities. It has been proven to reduce the cost of long-term insurance claims by about 20%, Nahir told TechCrunch. NeverStop, its second product, was released in 2022 and uses artificial intelligence and science to create and underwrite retirement products.

Nahir explained that there is an “aging economy paradox” where older Americans have accumulated $80 trillion in assets, but also have a lot of real tough issues, like depression and loneliness. While there are plenty of companies offering good solutions, few major insurance companies are tackling them, and this is where Nahir thinks Assured Allies stands out.

“I think part of the problem is that this population is the latest adopter of new technologies and therefore the market is tough for these companies,” Nahir said. “To sell something to an 80-year-old user, you have to have partnerships with century-old companies. You need great stamina because people won’t trust you with a pension or a policy if they don’t know you.

Nahir intends to deploy the new capital, which was raised this year, in the continued growth of Assured Allies’ products and the expansion of the company’s network of carriers and partners.

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