An insurtech has raised $20 million through a funding round led by VC group Portage.
Ansel, a company that offers simplified supplemental insurance for members diagnosed with more than 13,000 conditions, has now raised more than $50 million in total, according to a press release. The company's mission is to enhance, but not coordinate with, primary health insurance to help individuals with rising medical bills. Ansel was previously known as Brella Insurance.
Members receive varying levels of cash payouts that depend on the condition, which are rated either moderate, severe or catastrophic. Moderate conditions include concussions, cracked teeth, fractures and ACL sprains, while appendicitis, endocarditis and pulmonary embolisms would be classified as severe conditions. Ansel's website lists cancer, cardiac arrest, ALS, heart attacks, Parkinson's and strokes as examples of the more than 1,500 catastrophic conditions covered. Pre-existing conditions are also covered.
The company will use the latest investments to scale its insurance offerings to employees across the country, including the 11 states Ansel is not yet available.
“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 founder and CEO Veer Gidwaney in a statement. “This financing is an important step towards making health hardships less of a financial burden for Americans nationwide.”
Ansel highlighted its high net promoter score of 90 in 2023 in its latest announcement, attributing the rating to its new claims automation service that allows members to receive benefits without filing a claim.
Ricky Lai, a partner at Portage, in a statement said he finds confidence with Ansel's approach because of nationwide growth in high-deductible health plans.
Other groups participating in funding included Two Sigma Ventures, Brewer Lane Ventures and Morgan Creek Capital Management.