SimplyInsured has won strong investment support from venture capital firms
SimplyInsured, a health insurance platform that caters to small businesses, has announced that it has received $5.9 million in Series A funding. The funding round was lead by several venture capital firms, such as Bessemer Venture Partners and Altair.VC. The startup provide small businesses with a way to compare rates on health insurance plans offered by various insurers. It also provides them with a way to administer these plans through the SimplyInsured platform.
Funding will help expand the company’s marketing and sales teams
The funding will be used to expand SimplyInsured’s sales and marketing teams. Currently, these teams are comprised of five people, but the organization wants to have as many as 30 people working in these teams in order to maximize sales and launch new and more effective marketing campaigns. In total, SimplyInsured had raised approximately $7.7 million in funding since initially launching in 2013. The company’s innovative approach to the health insurance market is expected to gain more interest from investors in the coming years.
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Platform helps small businesses find effective health insurance coverage
The platform makes use of an algorithm that considers the monthly premium being paid by each of its users. This is used to estimate the average cost of a year of medical care and ranks health insurance plans based on these costs. Users can filter the results that they want to see based on their age, location, and several other factors. According to SimplyInsured CEO Vivek Shah, those using the platform to find health insurance plans can find coverage that is typically $100 less expensive, in terms of premiums.
Cost of insurance coverage continues to grow as companies look to cut expenses
Health insurance for small businesses has been growing more expensive in recent years, largely due to regulatory changes that have been made to the health care system. Finding less expensive coverage has become a priority for many small companies, as they are trying to reduce the cost of coverage to ensure their ability to provide benefits to their employees.