SimplyInsured, which allows small businesses to purchase health insurance online, has closed a $750,000 financing round from investors including Y Combinator, Altair Capital, Jake Gibson & Tim Chen (founders of NerdWallet.com), Waseem Deher, Jeff Arnold, Amee & Adil Chaudry, Sam Melamed and Matt Huang. SimplyInsured was launched as part of the Y-Combinator startup accelerator, and has grown revenues by 500 percent in the last six months.
SimplyInsured, a Y-Combinator backed startup that provides an 100% online way to purchase small business health insurance, announced today the close of a $750K angel round. Investors in the round included notable Silicon Valley investors and angels such as Y Combinator, Altair Capital, Jake Gibson & Tim Chen (the founders of NerdWallet.com), Waseem Daher, Jeff Arnold, Amee & Adil Chaudry, Sam Melamed, and Matt Huang.
The latest round will enable SimplyInsured to grow its product and sales team and meet the increasing demand from small businesses for a modern way to shop for health insurance. Launched as part of the Y-Combinator startup accelerator, SimplyInsured has grown revenue by 500% in the last 6 months.
Bringing Small Business Health Insurance Into the 21st Century
SimplyInsured seeks to provide a modern solution to small business health insurance. Over 6 million small businesses purchase health insurance via out-dated paper, phone, and fax systems. Traditional insurance brokerages, a $17 billion industry, still rely heavily on older quoting tools and inefficient fax-based applications, creating a slow, inefficient, and frustrating experience for small business owners.
SimplyInsured brings the insurance buying process online, savings small businesses time and money. SimplyInsured’s clients have been able to save up to $1000 per employee in healthcare premiums without sacrificing coverage. As small businesses pay on average $5500 per employee for health insurance, this is a significant cost savings.
By visiting SimplyInsured.com, small businesses can immediately and easily compare price quotes from multiple insurance carriers. SimplyInsured’s technology can read any health insurance plan and convert the plan into a cost model, turning complex legalese into simple to understand cost comparisons.Rather than reading through dense plan documents, small businesses see an unbiased measure of quality and value for each plan and can choose the best that best fits their needs.
Key Features of SimplyInsured.com:
Immediate price comparisons – SimplyInsured provides immediate quotes across all insurers, eliminating days for a response from a broker.
Simply, easy to understand plan comparisons – Insurance companies produce complex plans filled with jargon, and make it nearly impossible for consumers to understand how much a doctor visit really costs. SimplyInsured makes it easier to understand how much common medical procedures will actually cost out of pocket
100% online and paperless – SimplyInsured turns the application process into an easy online process, automating all health insurance administration – including employee onboarding, payroll deductions, and other back office tasks
Unbiased ranking of plans – SimplyInsured’s technology enables a rigorous mathematical assessment of each insurance plan based on the premium and coverage provided, resulting in an unbiased ranking on carrier plans
SimplyInsured is a Y-Combinator backed healthcare startup bringing small business health insurance into the 21st century. SimplyInsured allows small businesses to shop, compare, and purchase health insurance 100% online, saving small businesses both time and money. SimplyInsured’s technology estimates real Out-of-Pocket costs when purchasing health insurance, turning 100+ costs/benefits in health insurance into one, simple, easy-to-compare price. https://www.simplyinsured.com/