Assured Allies gains $42.5M to aid aging population
Assured Allies, an insurtech focused on the aging, raised $42.5 million in Series B funding.
Why it matters: Millennials and Gen Zs are the favored demographic of startups. A growing crop, though, are homing in on the fast-growing aging population.
Details: FinTLV Ventures led the round, with participation from Harel Insurance, Lumir Ventures, Hamilton Lane, New Era Capital Partners, MS&AD Ventures and Core Innovation Capital.
- In total, the company has raised $65 million.
- Assured Allies has annual revenue of just over $10 million, though CEO Roee Nahir declined to reveal its valuation.
How it works: a B2B2C business, Assured Allies pitches insurance companies on its ability to underwrite and reduce costs for aging groups with the help of machine learning.
- Slipping in the shower can lead to a rapid decline in health for the elderly. Using data from the insurance company and the end customer, Nahir says, the company can determine the 10% of older people most likely to fall. Then the insurer can offer grab bars to that group.
- That in turn reduces the insurer's claims costs.
The bigger picture: By 2040, one in five Americans is expected to be 65 or older, compared with one in eight in 2000, according to the Urban Institute.