Wellthie Raises $5 Million in Series A Funding Led By IA Capital Group
Aflac Ventures participates along with additional institutional investors and leading insurance executives.
NEW YORK, NY (PRWEB) APRIL 04, 2017
Wellthie – the insurance technology company offering leading broker and carrier shopping tools to simplify insurance distribution for small businesses and individuals – received $5 million in a Series A round of financing. IA Capital Group led the investment round with participation from existing and new investors, including Aflac Ventures and top insurance industry executives. The company will use the funds to accelerate its nationwide growth and product development. Andy Lerner, Managing Partner of IA Capital, joins Wellthie’s Board of Directors along with Mike Battaglia, former Chief Consumer Officer at Humana.
Bridging a broad array of medical and ancillary plans, Wellthie provides a next-generation technology and e-commerce platform for insurance brokers to quote, guide, and enroll customers in choices that best serve their specific preferences and needs. Wellthie’s intuitive software incorporates advanced algorithms – enabling forward-thinking brokers and carriers to deliver highly personalized, modern shopping experiences that optimize client satisfaction and dramatically increase sales across multiple insurance lines. To date, Wellthie has successfully partnered with national and regional carriers, while its tools power progressive brokers across 20 states, and its scalable platform has generated hundreds of thousands of quotes.
Small businesses today represent 90% of U.S. enterprises and nearly 55 million employees. 80% of small businesses rely on the expertise and advice of insurance brokers to optimize their insurance offerings to employees, including medical, ancillary, and other value-added health and financial products. In virtually every other area of their purchasing, small businesses and their employees are accustomed to convenient, smart, and customized shopping experiences. Today, they expect no less when purchasing insurance.
The announcement comes as the insurance industry undergoes massive technological transformation, driven by the need for simple, data-driven, and engaging customer experiences, as well as the elimination of the historically paper-based, complicated, and inefficient insurance distribution processes.
“IA Capital Group is a pioneer in investing in innovative technologies to transform the insurance industry. Their deep expertise and relationships across the insurance industry will be invaluable as we accelerate our growth and expansion,” says Sally Poblete, Founder & CEO of Wellthie.
“Wellthie has a unique combination of entrepreneurs with deep insurance domain expertise, leadership in e-commerce technologies, and demonstrated outcomes within a gigantic industry ripe for change. Their core focus on intuitive customer experience and data analytics is exactly what the industry needs now,” says Andy Lerner, Managing Partner, IA Capital Group.
About Wellthie
Wellthie is a leading provider of next-generation technology solutions to help insurance carriers and brokers thrive in the retail age. The company’s cloud-based e-commerce platform modernizes the way brokers sell insurance to small businesses and individuals. http://www.wellthie.com.
About IA Capital Group
Founded in 1992, IA Capital Group has managed fintech and insurtech venture capital funds under the Inter-Atlantic name since 2000. IA Capital is based in New York City and invests throughout North America. http://www.iacapitalgroup.com. @iacapgroup
