COVID has changed online shopping forever as consumer preferences have shifted and the convenience of quick delivery without leaving home has surpassed the in-store experience altogether. Retailers have been forced to re-evaluate the framework of their offerings and deepen their relationships with customers through digital offerings. Clyde is a provider of extended warranties that integrates directly with the checkout processes of e-commerce merchants, giving consumers a seamless and convenient way to protect their purchases while retailers are able to add incremental revenue to their online sales. Clyde works with all the major e-commerce platforms through plug-and-play integration and also offers a flexible API option for custom integrations. On the backend, merchants can monitor the entire warranty program including performance, claim status, and customer information while Clyde handles the entire claims experience. Merchants using the platform are able to increase the warranty purchase rate to 18% from the industry average of 4%. AlleyWatch caught up with CEO and Founder Brandon Gell to learn more about the AHA moment that led to the formation of Clyde, the importance of building customer loyalty in the digital commerce era, the company’s strategic plans, latest funding round from investors that include Headline, Vulcan, Spark Capital, and Crosslink.
The open enrollment period for Medicare started on Friday, October 15th and will continue through early December. For the 60M+ Americans, this is a critial period where they can make changes to and add/drop coverage. For most Americans, navigating the 24,000+ options available is a difficult and arduous process without help. Chapter is a Medicare advisory platform that uses a blend of technology and a trained team of advisors to decipher all plans at a microscopic level, ensuring that members are able to enroll in the plans that are best suited for their needs based on cost and coverage. Typically, Medicare advisors are incentivized by insurance companies to enroll members and naturally, these advisors steer members towards plans that offer the best compensation; often creating a misalignment. Chapter’s advisors are all full-time employees that are not compensated directly based on commissions. Combining this dynamic with plan data that Chapter’s technology generates, members are confident that are receiving unbiased and impartial recommendations. AlleyWatch caught up with Chapter CEO and Cofounder Cobi Blumenfeld-Gantz to learn more about the inspiration for the business, the company’s future plans, and latest round of funding from Narya Capital, Susa Ventures, Maverick Ventures, XYZ Venture Capital, Core Innovation Capital, and Health2047 Capital Partners.
85% of employees indicated that they would welcome assistance when it comes to navigating their benefits in order to make educated choices. However, most HR and benefits teams don’t have the capacity to be a full-time resource in this regard, creating a significant pain point. Nayya is a software and data infrastructure startup that uses data science and AI to empower employees to make the right decisions, based on their individual circumstances, when it comes to choosing and managing their benefits. Sitting at the intersection of HR, insurtech, and big data, the company takes billion of data points, claims data, and combines them with other data integrations to present a data-driven engine that can be used for decisioning for enrollment, new employee onboarding, and ongoing claims management. Leveraging Nayya’s platform yields a better experience for employees and employers, while driving better financial outcomes for both. AlleyWatch caught up with CEO and Cofounder Sina Chehrazi to learn more about how Nayya is transforming the experience of selecting and managing benefits with AI, the company’s strategic plans, latest round of funding from investors that include SVB Capital, ICONIQ Growth, Felicis Ventures, Bow Capital, Social Leverage, SemperVirens, Guardian Strategic Ventures, Unum Business Ventures, and CNO Financial Group.
The rush to digital is reshaping the health insurance market. Incumbents are making investments in digital to defend their positioning while a new crop of entrants is looking to disrupt the industry with technical savvy. Vericred has positioned itself at this crossroads with its data exchange and technology platform for insurers with a robust of APIs to reduce administrative and medical costs while also leading to revenue growth. The company’s infrastructure platform allows insurers to deliver digital experiences and services, improve sales tools, manage member relations, and more. The company views itself as providing the pipes that are powering the new digital insurance economy to meet the needs of consumers, brokers, employers, and employees alike with smart solutions. AlleyWatch caught up with CEO and Cofounder Michael Levin to learn more about the adoption of digital within the insurance and benefits industry, the company’s strategic plans, latest round of funding from investors that include Aquiline Technology Growth, Echo Health Ventures, MassMutual Ventures, Guardian Strategic Ventures, Riverside Acceleration Capital, FCA Venture Partners, and First Health Capital Partners
More than 1 in 4 Americans had trouble paying a recent medical bill according to the New York Times. 66.5% of all bankruptcies are tied to medical issues. Despite ACA providing more coverage, often this coverage is not adequate enough to prevent financial strain on families. Brella Insurance is a modern, employer-sponsored supplemental health insurance provider that covers insured members for expenses for 13,000 covered conditions ranging from concussions to cancer. The company, founded in 2019, provides direct payments to the insured allowing them to skip the tedious complex claims and administration processes found with other providers. AlleyWatch caught up with Founder and CEO Veer Gidwaney to learn more about the state of the supplemental insurance market, the company’s plans for a nationwide rollout, recent round of funding from investors that include Brewer Lane, SymphonyAI, Digitalis Ventures, Two Sigma Ventures, New York Life Ventures, and Founder Collective.
As we spend more time at home, how we view our pets has changed and pet adoption and ownership have surged. However, 81% of pet owners would not be able to cover an unexpected $5,000 out-of-pocket expense for their furry loved one. The pet health insurance sector has emerged to address this risk and is currently valued at ~$2B per annum with approximately 2.8 million pets insured in North America. Pawlicy Advisor allows pet owners to rapidly make sense of the various pet insurance options available with its data-driven marketplace. Pet parents can compare and contrast their insurance options to makes sure they are selecting the best coverage with transparency and efficiency in less than 5 minutes. AlleyWatch caught up with Cofounder and CEO Woody Mawhinney to learn about how his own experience with his Shar Pei, Wrigley, led him to found Pawlicy Advisors, the effect of the pandemic on the pet industry, and the company’s latest round of funding from investors that include Rho Capital Partners, Defy Partners, Slow Ventures, and Entrepreneurs Roundtable Accelerator.
Digital wallets have decentralized transactions across a variety of use cases and resulted in simplicity for consumers, with a sole point to manage their finances. 92% of Americans have some form of personal insurance yet there has not been a digital wallet solution for the insurance industry. Marble is a free digital wallet for consumers to manage all their insurance policies in a single place. The startup also offers rewards (up to 5%) for premium payments, saving consumers money. The insurance industry has been extremely competitive with digital-savvy consumers armed with comparison tools to save money on their premiums that are willing to jump carriers more so than ever before. In 2019, 48% of auto insurance holders said they would “definitely renew” with their carrier. That’s down from 59% in 2004. With carriers facing these challenges in retention and looking to attract the next generation of insurance buyers, Marble’s rewards platform increases loyalty and overall customer satisfaction. The company is in beta and plans to accommodate insurance policies from any carrier next month. AlleyWatch caught up with CEO and Founder Stuart Winchester to learn more about the company’s launch, the state of the insurance market, and the company’s seed funding round from investors that include IA Capital Group, MS&AD Ventures, Reciprocal Ventures, Fintech Ventures Fund, The Takoma Group, and HU Investments.
The organizers of Wimbledon had the foresight to purchase pandemic insurance after SARS in 2003, paying $31M in premiums. This year they were covered for $142M in losses. The pandemic has made business owners more cognizant of different types of insurance products available to protect them against often insurmountable losses as a result of unexpected disruptions. Arbol has introduced weather risk insurance, a parametric coverage product, built on the blockchain to provide rapid payments in the event of loss without drawn-out claims processes. The company’s products are currently being deployed in the maritime, energy, hospitality, and agriculture industries, where weather risk can be severe. Since launching in March, Arbol has covered $15M in notional risk across the hundreds of deals already consummated.
AlleyWatch caught up with Founder and CEO Sid Jha to learn more about the benefits of insuring weather risk, the company’s experience launching right as the pandemic swept in, and the company’s recent funding round from investors that include Finch Finance, Space Capital, and Mubadala Capital Ventures.
Chris Cunningham of C2 Ventures offers some predictions for what 2021 will bring to tech, covering AR, privacy, insurtech, and much, much more…
Approximately 160 million Americans receive health benefits through work; however, employee healthcare costs are becoming a financial burden for many employers and this can negatively impact employees’ access to quality healthcare options. Centivo offers self-funded employers health plan solutions that are built to save 15% or more compared to traditional insurance carriers. AlleyWatch caught up with CEO and Founder Ashok Subramanian to learn more about Centivo’s growth since its pilot launch in 2019 in Florida and NY, future geographic expansion plans, and latest funding round from investors that include B Capital Group, Define Ventures, HarbourVest Partners, Nassau Street Ventures, Bain Capital Ventures, F-Prime Capital, Ingleside Investors, Maverick Ventures, and Rand Capital.
The most agile and innovative companies will rely on AI-powered digital “coworkers” alongside creative humans to enhance productivity and increase profits. Roots Automation has built the first zero integration, self-learning Digital Coworker (pre-trained bot) that can perform a variety of common tasks found in Insurance, Healthcare, and Financial Services roles. Through interactions with human counterparts, the pre-programmed bots increase their capabilities and become more efficient, better at understanding the business, and eventually have the capacity to offset the work of four to eight individuals on average per bot. AlleyWatch caught up with CEO and Cofounder Chaz Perera to learn more about the company, how his time as Chief Transformation Officer at AIG provided the inspiration for the Roots Automation, and the company’s first funding round led by Vestigo Ventures.