Insurights, an artificial intelligence (AI)-powered platform designed to help employees understand and utilize their health benefits, has announced a $22 million seed funding round led by Group 11.
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The lack of transparency around health coverage has a pervasive effect on the US economy, which loses $21.6 billion a year to time employees spend on the phone with their health insurance companies. In addition, employers lose an estimated $26 billion a year when employees take time off to deal with health benefits administrators.
Insurights removes this friction by allowing users to better navigate and utilize their healthcare coverage. Their innovative AI-driven platform uses Natural Language Processing technology to provide direct and clear answers to specific questions about health benefits based on an employee's specific healthcare plan.
The platform's key feature is Zoe, Insurights' "Virtual Chief Health Officer," who is able to analyze and break down any healthcare plan offered by any insurance carrier.
"The way US workers engage with their health benefits is broken. We believed there had to be a better, more user-centric and innovative way for employees to understand what their health plans actually cover," said Guy Benjamin, co-CEO and co-founder of Insurights. "At Insurights, we strive to simplify the healthcare process, leading to healthier, happier employees."
