The insurtech aims to drive continued growth with its innovative approach and the announcement also follows on from Ansel’s recent re-brand.
The funding round saw participation from key players in the investment landscape, including Two Sigma Ventures, Brewer Lane Ventures, SixThirty Ventures, Plug and Play Ventures, Digitalis Ventures, Symphony AI, Operator Partners, Morgan Creek Capital Management, and various others.
Ansel distinguishes itself by employing cutting-edge technology to simplify supplemental insurance, providing payouts for diagnoses spanning over 13,000 conditions, from concussions to cancer. Since its inception, the company has identified a market demand for a novel benefit that streamlines the claims experience, offering a seamless, paperless approach to implementation, enrollment, and ongoing administration.
The latest funding infusion, totaling over $50 million raised to date, Ansel is poised to expand its modern supplemental insurance solution across the United States, ensuring accessibility for employees nationwide. The insurtech’s commitment to easing the complexities of insurance processes aligns with its vision to mitigate financial hardships caused by health challenges.
“Since launching Ansel in 2019, we’ve made significant progress bringing modern supplemental insurance to more Americans by teaming up with leading insurance carriers and benefits brokerage firms across the country,” said Ansel’s Founder and CEO, Veer Gidwaney. “This financing is an important step towards making health hardships less of a financial burden for Americans nationwide.”
The investment comes on the heels of several important milestones for the company. Last year, Ansel began enabling claims automation, which leverages medical claims data so that members receive benefits without having to file a claim. This simplified claims experience, paired with a dedicated support model, are just a few of the reasons that Ansel earned a net promoter score of 90 in 2023. Ansel is made available in partnership with several established insurance carriers in 39 states on its way to nationwide availability.
“We believe Ansel’s pioneering approach to supplemental insurance will transform the US health insurance landscape, particularly as the country continues to see growing enrolments into high-deductible health plans. Ansel’s product offers members a more accessible and simplified path to comprehensive healthcare coverage. We are excited to support the team as they enter their next phase of growth,” said Ricky Lai, Partner at Portage.
