ExtrasJar launches in Australia

ExtrasJar, the Australian startup looking to help people get more out of insurance, is now live.

Led by Reece Frazier and John Connor, who are also listed as employees of self-insurance startup Picnic Insurance, ExtrasJar operates in the extras cover and pet insurance space.

Extras cover, aka extras health insurance, helps towards the cost of non-hospital healthcare like dental, vision and physical therapy. The startup offers an alternative to insurance via a self-insurance option, allowing individuals to open an account where they can make one-off and/or periodic deposits, to later receive a digital Mastercard they can use for paying for different procedures. Any unused funds are rolled over to the following year and the money is also invested in “diversified, minimal-risk portfolios” by ExtrasJar.

ExtrasJar offers a similar extras concept for pets, but there’s also a traditional pet insurance option that will be available in the future. Another product in the works is traditional health insurance.

The startup raised around $600k and it makes money from charging a $5 monthly subscription fee that includes access to the platform and card, as well as up to 20% commission on insurance premiums and investment fees.