Sproutt Insurance has launched its services following the close of a $12m Series A funding round.
State of Mind Ventures, Moneta Capital and Guardian Life supplied the capital for the series investment.
The life insurance startup combines data analytics, human insights and AI to help match a person with the insurance providers and policies with the best suitability. It looks to help consumers by accounting for ‘positive data’ such as changing lifestyle habits to start eating well, going for runs, quitting smoking, etc, and better reflecting this in premiums.
Gaia (Guided Artificial Intelligence Assessment) is a technology stack used by Sproutt to help score and build personal insights on consumers. It monitors behaviours which impact longevity such as sleeping patterns, eating habits and whether you have a pet.
Sproutt CEO and co-founder Yoav Shaham said, “We don’t come from the life insurance industry. But we have a lot of experience in unlocking the value of data in traditional markets. For decades life insurance providers have mainly sought to punish negative lifestyle choices such as smoking when calculating pricing.
“As crazy as it sounds, until now the industry has almost never even tried to reward people for being healthy; for being active, eating and sleeping well, or living a balanced life. Sproutt ensures that people who make positive lifestyle choices that improves their longevity are supported and rewarded with the best policies, and that they adopt these good behaviours, as it means that we all will have increasingly less expenses.”
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