Insurtech startup raises $42.5m in fresh funds to help elderly ‘age successfully’
Funding follows partnerships with leading long-term care insurance carriers over the past year and members on startup’s platform soar by over 300%
Sharon Wrobel is a tech reporter for The Times of Israel.
Insurtech startup Assured Allies, founded by Israeli entrepreneurs who set out to develop a platform for retirement savings as older adults live longer, has raised $42.5 million from investors in a Series B funding round.
The financing round co-led by FinTLV Ventures and Harel Insurance, was 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 Company, and Samsung Next. The funding round takes the company’s total capital raised to $65 million.
Roee Nahir, a data scientist, and Afik Gal, a medical doctor, founded Assured Allies in 2018, inspired by their own personal experiences as caregivers to aging family members with the goal of using data and technology to build a platform for the financial sustainability of long-term care to help older adults “age successfully,” by providing solutions for the long-term care insurance market. The technology uses machine learning and predictive analytics, and science-of-aging and essential human support.
With offices in Tel Aviv and Boston, Assured Allies said the funding comes as the startup inked partnerships with several leading long-term care insurance carriers over the past year and saw the number of members on its platform soar by over 300%.
“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,” said Assured Allies co-founder and CEO Nahir. “We experienced rapid growth this past year despite the macroeconomic climate, and we are only just scratching the surface.”
With the fresh capital, the company hopes to support further growth and expansion of its carrier and partner network, it said in a statement.
“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,” said Nahir.
Since its inception, Assured Allies has developed two products – AgeAssured and NeverStop – both geared to reduce risk and keep older adults active and living at home longer.
“The way people plan for aging and their expectation of aging is fundamentally changing,” 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,” Gal added.
Launched in 2020, AgeAssured is a science-based platform to reduce premature age-related decline and to enable insurance policyholders to continue live independently in their homes. To date, the program has shown to reduce the cost of long-term insurance claims by about 20%, Assured Allies said.
NeverStop introduced in 2022 is an AI-driven, science-backed platform to create, underwrite, and support the next generation of retirement products such as digital underwriting, personalized risk reduction strategies, and financial support, for individuals aged 55+.
“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,” said Nahir.