Insuranceciooutlook

Sproutt Bags $12M to Offer the Best Insurance Policy by Leveraging AI

By Insurance CIO Outlook | Friday, January 03, 2020

Yoav Shaham, CEO and Co-Founder, Sproutt Insurance

Sproutt has raised $12 million to help its clients find the best life insurance policy with AI.

FREMONT, CA: "Sproutt is a life insurance company that uses data and AI to paint a more complete picture of the lifestyle people live, so that we can reward those who live healthy with the right life insurance, similar to any other insurance product, whether it's taking better care of your home or driving safely," says Yoav Shaham, CEO and Co-Founder of Sproutt Insurance. Israeli insurtech company, Sproutt Insurance, has secured $12 million in Series A financing from Moneta Capital, State of Mind Ventures (SMOV), and Guardian Life. The company uses data and AI to offer better life insurance terms to customers who lead healthier lives. 

With the funding, Sproutt will find its users the best life insurance policy with AI. The company instructs new customers to complete a 15-minute questionnaire about themselves and their daily habits, the answers to which inform the quality of life index that's used to identify best-fit policies. The index takes into account a range of factors, but it's built upon five core wellness pillars: movement and physical activity, sleep, emotional health, nutrition, and balance.

"The Sproutt team doesn't come from the life insurance industry, but we have a lot of experience in using technology to unlock the value of data in traditional markets. We spent the past decade navigating big data and analytics, looking at hundreds of millions of potential purchasers of products everyday and drawing conclusions about them using neural networks. When we looked at life insurance, we identified several significant issues within legacy systems, attitudes, and conventional thinking tied to an old-world model. We started with a clean slate by asking ourselves, how can we measure somebody's quality of life? How can we deliver the best experience and policy based on top of that? How can we use data and AI for good to benefit consumers and disrupt an industry that has failed to modernize? Lots of questions, with just one answer...the Sproutt 'Quality of Life Index,' which is a proprietary blend of data analytics and human-aligned health insights that we use to power our AI that discerns a person's life potential and matches them with the best life insurance providers and policies," Shaham added.

Sproutt is an innovative insurance company that loves life and rewards those who love theirs. The company aims to use data and AI to reward people who live a healthy life with the best life insurance plan.

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