• Bennie, a health care plan provider and employee benefits platform, was the largest InsurTech seed deal in H1 2022 raising $33m in their seed round led by Picus Capital and Silverton Partners. The Bennie Marketplace offers members discounted rates on a wide range of insurances, family planning tools, and health and wellness solutions. As a licensed benefits broker in all 50 states, Bennie has deployed its technology to hundreds of companies across more than a dozen industries since 2020.
• With the continued global cost of living crisis, companies that are restricted by budgets, can’t afford to hand out pay rises and are looking for alternative methods to improve their employees lifestyles. One method to do this is provide employee benefits via a company such as Bennie. A Willis Towers Watson survey suggested that 75% of employees are more likely to stay with their employer because of their benefit program and data produced by Harvard Business Review stated that 80% of employees would choose additional benefits over a pay raise.
• In total there were 78 InsurTech seed deals in the first half of 2022 across 27 countries with 66% occurring in the first quarter of 2022. The United States accounted for the most InsurTech seed deals in H1 2022 with 25 deals, a 32% share of total deals. Brazil and India were the second most active InsurTech seed deal country with six deals each this half.
The data for this research was taken from the FinTech Global database. More in-depth data and analytics on investments and companies across all FinTech sectors and regions around the world are available to subscribers of FinTech Global. ©2022 FinTech Global
