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Assured Allies, an InsurTech company for evidence-based aging, 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, New Era Capital Partners, MS&AD Ventures, Core Innovation Capital, Poalim Equity, EquiTrust Life Insurance Company, Akilia Partners, and Samsung Next.

“The need for innovative long-term care solutions for the aging population has never been greater,” said Assured Allies CEO and Co-Founder Roee Nahir in a company press release. “With the U.S. longevity economy valued at over $8 trillion, this is a blue ocean opportunity that is finally being accessed through technology.”

Assured Allies’ platform combines machine learning and predictive analytics with the latest science-of-aging and human support to offer aging programs with the aim of reducing the risk of disability. It also offers next-generation retirement products that aim to make long-term care insurance more accessible and financially sustainable.

“Both Roee and I were caregivers to our parents and grandparents, and that experience inspired us to start this business,” said Afik Gal, MD, co-founder and president of Assured Allies, in the release. “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.”

The funding comes on the back of Assured Allies’ partnerships with several long-term care insurance carriers. The capital raised will be used to fuel further growth and expansion of the company’s carrier and partner network, according to the press release.

Founded in 2018, Assured Allies launched its first product, AgeAssured, in 2020. AgeAssured is a platform to reduce disability and support aging at home on a large scale. It is offered in partnership with long-term care insurers.

The company launched its second product in 2022. NeverStop is an AI-driven 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 for individuals above the age of 55. Patent-pending designs and technologies enable NeverStop to provide additional 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 Bridg offering launched in November 2022.

“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,” Nahir said in the release. “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.”

Source: Assured Allies