Ansel raises US$20m to combat financial healthcare barriers

The new round of funding marks a crucial step for Ansel in making modern supplemental insurance more accessible, says Veer Gidwaney, Ansel’s Founder & CEO

Ansel, previously known as Brella, covers over 13,000 injuries and illnesses — from concussions to cancer — on one consumer-friendly platform. The insurtech is on a mission to build a world where health hardships don’t create financial burdens, using best-in-class technology to simplify supplemental insurance by issuing payouts if members are diagnosed with any of the injuries and illnesses that it covers. 

The company’s new name comes from the German word for ‘protector’, chosen to highlight the company’s commitment to shield its members from the financial impact of unforeseen health events.

“Since launching Ansel in 2019, we’ve made significant progress bringing modern supplemental insurance to more Americans by teaming up with leading insurance carriers and benefits brokerage firms across the country,” shares Veer Gidwaney, Ansel’s Founder and CEO. 

Prior to founding Brella, Gidwaney was CEO and Co-Founded two venture-backed organisations acquired by F500 companies. HR and benefits platform Maxwell Health, founded in 2010, is focused on helping people achieve health and financial security, and was acquired by Sun Life Financial in June 2018. Founded in 1999 and acquired by Computer Associates (CA) in 2006, Control-F1 pioneered automated technical support solutions.

Portage leads further funding for Ansel

In a round of funding led by global investment firm Portage, Ansel has raised US$20m. Among the other companies involved are:

"We believe Ansel's pioneering approach to supplemental insurance will transform the US health insurance landscape, particularly as the country continues to see growing enrolments into high-deductible health plans,” comments Ricky Lai, Partner at Portage. 

Lai joined Portage in 2017 having previously worked at KPMG and MoneyKey. 

“Ansel's product offers members a more accessible and simplified path to comprehensive healthcare coverage. We are excited to support the team as they enter their next phase of growth.”

This new round of funding brings Ansel’s total raised to over US$50M, which supports the rollout of its modern supplemental insurance solution to employees nationwide. 

"This new round of funding marks a crucial step for Ansel in making modern supplemental insurance more accessible,” Gidwaney told InsurTech Digital. 

“Our platform is transforming the US health insurance landscape by offering a new type of supplemental health insurance plan covering over 13,000 conditions and providing cash benefits upon the diagnosis of a covered condition without requiring accident or hospitalisation.

“This financing is an important step towards making health hardships less of a financial burden for Americans nationwide.”

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