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.