Brella Insurance Raises $5.5M Seed Round to Modernize Supplemental Health Benefits

NEW YORK, May 21, 2020 – Today, Brella Insurance announces it has raised $5.5M in seed financing to launch a modern supplemental benefit, powered by smart technology, for employers looking to offer better health coverage to employees and their families. The round was led by Two Sigma Ventures, with participation from Founder Collective, RGAX LLC, SymphonyAI, and others.

Rising health insurance costs and reduced coverage have eroded employee health benefits, and out-dated supplemental benefit plans only cover narrow groups of conditions. In one single plan, Brella’s supplemental benefit plan provides wide-ranging, personalized coverage, delivering quick cash payments for up to 76% of issues that require immediate medical attention.1 That’s four times more than legacy plans.

“It’s time we face the fact that millions of Americans are experiencing financial hardship because of a serious health issue,” said Brella founder and CEO, Veer Gidwaney. “Companies that care for their employees and strive to retain top talent want to offer benefits that provide more wide-ranging coverage for their teams and their families. We built Brella because people deserve better.”

Brella’s customizable plans offer the option of additional coverage for chronic conditions and mental health, and with no pre-existing condition exclusions, Brella truly works for everyone. Members can use Brella payouts for medical bills or everyday expenses like childcare, groceries, or transportation until they’re back on their feet.

Brella’s unique claims technology and member app makes it easy to get paid in hours, not weeks. Members can upload photos to file a claim in minutes before they even leave the hospital or urgent care. Plus, they’ll have access to a dedicated concierge team for questions and support.

The executive team brings together a wealth of insurance and tech industry experience. Gidwaney formerly founded and was CEO of Maxwell Health, which was acquired by Sun Life in 2018. Amanda Turcotte, former Chief Actuary and Head of Underwriting at AXA US, is Brella’s Chief Insurance Officer. Their Chief Revenue Officer is Mike Zarrillo, former VP of Large Market Distribution at Guardian Life Insurance Company.

Brella’s advisors include Robert Chatwani, CMO of Atlassian, Richard Mucci who was Former President of Group Protection at Lincoln Financial, and Bruce Mead, Former SVP of Growth at UnitedHealth Group. Veer Gidwaney, Elizabeth Bierbower, Former President of Employer Group Segment at Humana, and Colin Beirne, Partner at Two Sigma Ventures serve on Brella’s Board of Directors.

Why We Built Brella

Over the past 25 years, rising costs and reduced coverage have eroded employee health benefits. Today, all it takes is one unexpected medical event to drain a family’s bank account. With 2 in 5 working age adults visiting the emergency room in a normal year, it’s no surprise that a recent study found 44% of respondents were struggling to pay medical bills. Meanwhile, employers are searching for affordable, comprehensive coverage for their teams.

We believe that health hardship shouldn’t lead to financial hardship. That’s why we built Brella—a simple, comprehensive supplemental benefit that pays fast cash when you’re sick or injured.

We chose the name Brella because our plan covers over 13,000 conditions, more than any other supplemental plan on the market. We’re proud to stake our name on the broad range of coverage we’ll provide to millions of American families.

A modern supplemental benefit

When supplemental insurance first appeared in the 1980’s, separate products were created for accidents, critical illnesses, hospitalizations, and cancer treatment. Those options still exist today—four decades later. Who can say if you’ll face an accidental injury or get diagnosed with cancer next year? We can’t tell the future, and employees shouldn’t have to guess when choosing their benefits.

Rather than stringing together narrow plans with complicated rules and slow payouts, we envisioned a simple, tech-enabled benefit that provides wide-ranging, personalized coverage and pays cash quickly when people need it most.

Brella covers over 13,000 conditions—that’s more than any supplemental plan on the market. If a member is diagnosed with a covered moderate, severe, or catastrophic health issue, we put cash in their pocket quickly for whatever they need. Members can use Brella payouts for medical bills or everyday expenses like childcare, groceries, or transportation until they’re back on their feet.

Plus, Brella is flexible and affordable. Employees can choose from a range of payouts to build the level of protection that best fits their needs. Brella+ provides the option of additional coverage for chronic conditions and mental health. With no pre-existing condition exclusions and customizable benefits, Brella truly works for everyone.

Delivering fast cash when it counts

We built Brella from the ground up to modernize everything about the experience, from filing a claim to getting paid.

If you’re diagnosed with a health issue, open the Brella app and submit a claim in minutes. All we need are photos of items that can be easily collected while at the hospital or urgent care—for example, your x-rays, lab reports, discharge papers, prescription bottle, or a medical bill. We use these to confirm your diagnosis and process your claim quickly—no need to wait for paperwork to show up in the mail.

Our moderate, severe, and catastrophic tiers pay out for all the most common diagnoses, and we make it easy to check what Brella covers and how much it pays. And Brella pays within hours, not weeks, through Venmo, Paypal, or straight to your bank account. Plus, you’ll have the support of a dedicated concierge team for any questions that come up.

In short, we got rid of the complexity and built a better benefit that covers more and delivers fast cash when it counts.

Why Us?

We are a team of insurance and tech industry veterans with the experience and the imagination to build something better from the ground up.

CEO and Founder Veer Gidwaney co-founded and was the CEO of Maxwell Health, which was acquired by Sun Life in 2018. Amanda Turcotte, former Chief Actuary and Head of Underwriting at AXA US, is our Chief Insurance Officer. Our Chief Revenue Officer is Mike Zarrillo, the former VP of Large Market Distribution at Guardian Life Insurance Company. Meet the rest of the team here.

We’re backed by world-class partner RGAX. And we’re proud to partner with some of the world’s leading insurance and technology investors, including Two Sigma VenturesFounder Collective, and SymphonyAI.

Why Now?

Too many families are struggling with medical debt. Brella exists to change that with a modern supplemental benefit that helps people when they need it most.

Companies that care for their employees and strive to retain top talent want to offer benefits that provide more wide-ranging coverage for their teams and their families. Brella helps them do that.

It’s time we face the fact that millions of Americans face financial hardship because of a serious health issue. They deserve better and that’s why we built Brella.