Overalls, a tech-enabled benefits company that combines concierge-like services with personalised financial protection to help people save time, money and stress, has raised $4.6m.
RPM Ventures, which has been investing in businesses revolutionising insurance and financial services for two decades, led the round. Other participants in the round include Frontier Ventures, angel investor and former NFL player Jerod Mayo, and various other existing investors. With cumulative funding of $8.6m, Overalls said it is poised to achieve its vision of making financial resilience obtainable by the masses.
Overalls pointed to a recent study by PwC which found that 63% of employees felt their financial stress had increased since the beginning of the pandemic and that 45% of those under financial stress had been distracted at work and an incredible 72% would be attracted to another employer who cared more about their financial well-being.
Yet, another recent study by SHRM and JP Morgan that polled Human Resource professionals found that 74% of employers had not added new benefits or extended existing benefits to help employees ease their financial stress.
Overalls said it is addressing this need by creating a personalised and dynamic insurance model and partnering with employers across the country to deliver well-rounded benefits for the modern workforce.
Founded in 2021 by FinTech veterans Jon Cooper and Emily Johnson at Redesign Health, Overalls’ InsurTech platform integrates with existing benefits programmes and enables companies to help their people save time, money and stress, while also improving adoption of voluntary benefits.
Jon Cooper, CEO of Overalls, said, “A majority of people dread dealing with insurance issues and don’t think about insurance until it’s too late.
“We want to demystify insurance and focus attention on what matters most to people–saving time, celebrating important milestones and planning for the future. We’re excited by the incredible employer feedback and early adoption we’re seeing in the market, and today’s investment will allow us to further expand our suite of insurance offerings.’
Funding in the InsurTech industry remains strong, with several new unicorns this year. Among them is Zego,which became the UK’s first InsurTech unicorns after raises $150m in a funding round.
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