New funding from leading strategic and existing investors comes amidst a 300% growth in members on the company’s platform and the launch of its newest product for the long-term care insurance industry
BOSTON and TEL AVIV, March 7, 2023—Assured Allies, the leading insurtech company for evidence-based successful aging, today announced that it has closed a $42.5 million Series B funding round, bringing the total capital raised to $65 million.
The round was co-led by FinTLV Ventures and existing investor Harel Insurance, and was joined by new and existing investors including Lumir Ventures, Funds managed by Hamilton Lane (NASDAQ: HLNE), New Era Capital Partners, MS&AD Ventures, Core Innovation Capital, Poalim Equity, EquiTrust Life Insurance Company, Akilia Partners, and Samsung Next. The global makeup of investors in this round underscores the universal need for innovation in the long-term care insurance market.
Thanks to scientific breakthroughs, Americans now live longer, with 10,000 adults turning 65 every day. However, for most the increase in longevity is not coupled with better health or quality of life. As a result, more than 45 million Americans over the age of 55 are projected to need long-term care, creating a huge financial and social burden on families, and on insurance carriers. Assured Allies’ innovative platform combines machine learning and predictive analytics with the latest science-of-aging and essential human support, to offer successful aging programs proven to reduce the risk of disability, and next-generation retirement products that make long-term care insurance accessible and financially sustainable.
The funding comes amidst surging growth in Assured Allies’ platform this past year, having partnered with several leading long-term care insurance carriers and growing the number of members on its platform by over 300%. The capital raised will fuel further growth and expansion of the company’s carrier and partner network.
“We are thrilled to continue our support of Assured Allies and their innovative approach to improving the lives of older adults. Assured Allies’ unique blend of technology and human touch has already shown great promise, and we are excited to see where this next round will take them,” said Tomer Goldberg, managing director of Harel Technology Investments.
“We are proud to have co-led this funding round for Assured Allies together with Harel Insurance, and to be a part of their mission to make successful aging accessible for everyone. With the growing demand for long-term care solutions, we believe in the potential of Assured Allies’ evidence-based long-term care and wellness programs and their ability to revolutionize the aging experience. Our investment reflects our confidence in the talented team, their innovative approach, and the future of the long-term care industry in the US market,” said Gil Arazi, founder and managing partner of FinTLV Ventures.
Assured Allies launched its first product, AgeAssured, in 2020. AgeAssured is the first science-based platform to reduce disability and support aging at home on a large scale. It is offered in partnership with long-term care insurers and has proven efficacy and cost-efficiency in reducing premature age-related decline and enabling policyholders to continue living independently in their homes. To date, the program has demonstrated a significant and sustained impact on reducing the cost of long-term insurance claims by up to roughly 20%.
Assured Allies launched its second product in 2022. NeverStop is an AI-driven, science-backed platform to create, underwrite, and support the next generation of retirement products. The NeverStop platform integrates digital underwriting, personalized risk reduction strategies, and financial support, so that individuals aged 55+ can lower their risk of disability and live longer and better in their homes. Patent-pending designs and technologies enable NeverStop to provide more insurance coverage as an incentive for members participation in its wellness program. Equitrust, one of the new strategic investors in this round, is a NeverStop carrier partner, having incorporated NeverStop in its new Bridge™ offering launched in November 2022.
“This funding round is a great testament to the trust our investors and partners have in the technology-driven successful aging platform we have built,” said Roee Nahir, co-founder and CEO. “The need for innovative long-term care solutions for the aging population has never been greater. With the US longevity economy valued at over $8 trillion, this is a blue ocean opportunity that is finally being accessed through technology. We experienced rapid growth this past year despite the macro economic climate, and we are only just scratching the surface. This coming year we expect continued growth, as we focus on making AgeAssured available to more policyholders and expanding the carrier and partner network for NeverStop. We look forward to bringing more innovative products to the long-term care insurance market and the 90 million Americans over the age of 55.”
“We are thrilled that our mission, and our success so far, have attracted such an all-star list of returning and new investors. The way people plan for aging and their expectation of aging is fundamentally changing and we are excited to continue to lead the way with our proven solutions to making longevity financially sustainable,” said Afik Gal, MD, co-founder and president of Assured Allies. “Both Roee and I were caregivers to our parents and grandparents, and that experience inspired us to start this business. We saw needless suffering—physical and financial—and we recognized that to transform society, we had to use science and technology-based innovation to interrupt the aging trajectory and keep people living at home as long as possible.”
For more information, visit www.assuredallies.com.
About Assured Allies:
Founded in 2017, Assured Allies is on a mission to make Successful Aging—the ability to thrive as long as possible without long-term care and to pay for it if needed—accessible to all. Assured Allies is the leading provider of evidence-based Successful Aging innovation, with deep expertise in data science, best-practices for aging in place, and program management. The company’s two products, AgeAssured and NeverStop, both reduce risk of premature age-related decline and keep people active and living at home longer. Assured Allies has an extensive network of industry partners in long-term care insurance and an ecosystem of partners to provide innovative solutions to help people age successfully. Assured Allies is headquartered in Boston and has an office in Tel Aviv.
About Harel Insurance Investments and Financial Services Ltd.:
Harel Insurance Investments and Financial Services Ltd. Group is active in the insurance and financial services industries—health insurance (medical, long-term care, dental insurance, and travel insurance), non-life insurance (motor insurance, homeowners insurance, liabilities [indemnity] insurance, mortgage insurance, and credit insurance), life assurance, pension funds, provident funds, education funds, mutual funds, portfolio management, ETFs and other financial services. Harel Group is the largest insurance and finance group in Israel (in gross earned premiums, benefit contributions, and amounts received for investment contracts). The Group accounts for 22.3% of premiums. In 2021, premiums and benefit contributions amounted to NIS 33 billion. The Group held AUM of NIS 362 (in 2021) billion in insurance, pension funds, provident funds, mutual funds, and financial services. www.harel-group.co.il
About FinTLV Ventures:
FinTLV is a global insurtech-focused fund. It partners with the best global insurtech companies through
all phases, with a bias towards later-stage deals. Recent investments include leading or participating in
investment rounds in some of the most prestigious companies in these fields, including Hippo Insurance,
Next Insurance, Unqork, Corvus, Wefox, and many others.The firm works closely with management teams and leverages its broad global network of insurance, re-insurance and insurtech companies to support its portfolio companies. The fund’s limited partners include some of the world’s leading insurance companies. For more, visit https://fintlv.com/.
5WPR for Assured Allies