Assured Allies Secures $42.5 Million Series B to Help Americans ‘Age Successfully’

by Ana Lopez

Assured alliesan insurtech company focused on retirement savings today announced the closing of $42.5 million in Series B funding.

It’s a fairly significant Series B measure given the challenging fundraising environment for insurance engineering companies that several of my colleagues have noted in recent stories.

For example, Kyle Wiggers reported that investment in the sector fell to its “lowest level since Q1 2020” in Q4 2022, Anna Heim spoke to investors still holding on, and Mary Ann Azevedo wrote about M&A exits, which Insurtech led in 2021 .

All told, Assured Allies joins insurtech companies around the world that have recently secured significant funding, including Equisoft, Naked Insurance, Turaco and Acko.

The round was co-led by FinTLV Ventures and existing investor Harel Insurance, who were joined by new and existing investors including Lumir Ventures, Hamilton Lane, New Era Capital Partners, MS&AD Ventures, Core Innovation Capital, Poalim Equity, EquiTrust Life Insurance Co. , Akilia Partners and Samsung Next. It brings the company’s total capital raise to $65 million.

The new funding follows a year in which Assured Allies forged partnerships with several leading long-term care insurers and saw a 300% growth in the number of members using the Assured Allies platform to, as co-founder and CEO Roee Nahir describes, “ to age successfully.”

He said that as more Americans live longer and about 10,000 adults turn 65 each day, that means more people will need long-term care, an aspect of care known as a huge financial burden. Depending on the state you live in and the type of care, the average cost of long-term care could start at about $5,000 a month and go up from there.

Nahir and Afik Gal, a doctor, started Assured Allies in 2018 after their own experiences as carers of aging relatives. The company leverages technology such as machine learning and predictive analytics, along with aging science and essential human support to offer retirement products and programs.

The first product, launched in 2020, was AgeAssured, which partners with long-term care insurers to reduce disability and support easier aging at home. It has been proven to reduce the cost of long-term insurance claims by about 20%, Nahir told NeverStop, the second product, was released in 2022 and uses artificial intelligence and science to create and insure retirement products.

Nahir explained that there is a “paradox of the aging economy” where older Americans have amassed $80 trillion in assets, but also have many real problems, such as depression and loneliness. While there are many companies with good solutions, few major insurance companies are taking it on, and that’s where Assured Allies stands out, according to Nahir.

“I believe part of the problem is that this population is the latest adopter of new technologies and so the go-to-market is challenging for these companies,” Nahir said. “To sell something to an 80-year-old user, you have to enter into partnerships with 100-year-old companies. You need very strong perseverance, because people don’t trust you with a pension or policy if they don’t know you.”

Nahir plans to use the new capital, which was secured this year, to further grow Assured Allies’ products and expand the company’s carrier and partner network.

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