New York-based Insurights has raised $22m from a seed funding round led by investment firm Group 11.
Founded in 2020, Insurights is an AI-powered digital platform that is focused on become an organisation’s chief health officer. The platform provides employees with on-the-spot answers regarding health coverage and benefits questions and helps them find lower-cost providers, as well as informing them on preventive care benefits to ensure they are healthier.
The company’s key feature is Zoe – the Virtual Chief Health Officer – which is able to break down and scrutinise any healthcare plan offered by any insurance carrier, reducing the need for expertise to search through endless PDFs and reduce time on a phone with customer service agents.
The system uses Natrual Language Processing technology to offer users direct and clear answers to specific questions about health benefits based on an employee’s specific healthcare plan.
According to Insurights, it will the newly raised capital to build and scale its team with individuals from seasoned backgrounds in the healthcare and insurance industries, including medical and insurance experts.
Elsewhere in the health insurance space this year, health InsurTech firm KindHealth netted $4m in a funding round to help continue its growth.
KindHealth claims it has helped thousands of Americans to get insurance, save on prescriptions and medical bills and receive smart recommendations on health insurance.
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