Sproutt, a life insurance company that incentivises healthy behaviour, has raised $26m in Series B funding round led by MoreTech Ventures.
The round was also joined by investors such as Harel Group, the Raptor Group, and Falcon Edge Capital, along with the company’s existing investors.
Sproutt plans to use the funds to further the reach of its life insurance solutions and launch a new predictive life insurance product that leverages data points gathered from its customer base.
The life insurer’s Quality of Life Index (QLI) assesses an individual’s activities such as movement, sleep, emotional health, nutrition, and overall lifestyle balance to tweak the policy as per the customer’s score.
A higher score, Sproutt stated, corresponds to lower risk, which allows customers to get bespoke life insurance policies that reward a healthy lifestyle.
Additionally, Sproutt recently launched an Agent Platform that allows insurers registered in the US to offer its life insurance policies.
Sproutt CEO & co-founder Yoav Shaham said: “Most people have at least one aspect of their lifestyle that is healthier than they think – whether it be how they sleep, how much they move, or what they eat. At Sproutt, we are leveraging the QLI we’ve developed to discover the hidden healthy behaviours that exist in each person and reward them with the best possible life insurance to reflect their lifestyle.”
MoreTech Ventures partner Sam Bernstein said: “We see a huge opportunity to revolutionise the way life insurance is priced and delivered to customers through data analytics, real-time policy issuance, cheaper coverage and long-term user engagement.”
Founded in 2018, the insurer runs its business from New York with an R&D centre in Tel Aviv, Israel.