US-based online life insurance provider Sproutt Insurance has emerged from stealth with $12m secured in a series A round that included insurance firm Guardian Life.
The corporate was joined by venture capital fund State of Mind Ventures and Moneta Capital, the growth-stage fund formed by VC firm Moneta Ventures.
Sproutt provides life insurance through a system that utilises artificial intelligence and big data to offer lower premiums to low-risk users. It analyses factors such as exercise and healthy eating in addition to less direct factors such as pet ownership.
Guardian Life executive vice-president Andrew McMahon said: “We began working with Sproutt in 2018 and soon realised the potential impact their technology could have on our business and the industry at large, as evidenced by our investment.
“Their ambitious use of data and artificial intelligence across the customer journey is part of a broader transformation of the industry and complements our technology driven approach to customer acquisition and engagement.”
