Ansel, A Health Insurance Startup That Wants To Upend The Claims Industry, Just Raised $20 Million Using This 12slide Pitch Deck

Health insurance startup Ansel has raised $20 million in new funding.

Founded in 2019, Ansel is a platform that offers supplemental health insurance through carriers in 48 US states. The company can quickly pay deductibles for more than 13,000 medical conditions in an effort to reduce users' need for loans to cover healthcare costs.

According to the latest Gallup data, only 48% of Americans have enough savings to pay for emergency medical care, while 38% of Americans delay serious medical care due to cost concerns.

Ansel, formerly known as Brella, partners with insurers such as Nationwide to offer its product.

“We are committed to reducing the financial burden of healthcare issues,” Ansel founder and CEO Veer Gidwani told Business Insider. "Most middle-class Americans have access to employer-sponsored health care with high deductibles but limited savings, making unexpected medical events an urgent problem; high inflation has made the situation worse."

New York-based Ansel uses its technology platform to make payments based on a tiered coverage system that ranges from $1,000 to $10,000 before health insurance kicks in. Requests are sent automatically to make the process easier for users.

The company has raised $20 million in new funding from fintech fund Portage, alongside existing investors Two Sigma Ventures, Brewer Lane Ventures and SixThirty Ventures.

Ansel began raising money in the summer of 2023 and closed the round late in the fourth quarter of that year.

"Add-on insurance is not a new category, but the existing products are very similar in every way. Our key differentiator is ease of payment and our value to the customer," Gidwani added.

The new capital will be used to expand the company's partnerships with major insurance companies, develop its technology platform and expand marketing and distribution.

Check out Ansel's set of 12 slides below: