Overview

SimplyInsured simplifies the process of purchasing health insurance for small businesses, specifically targeting small to medium-sized enterprises (SMEs) that need to provide health coverage for their employees. The company operates an online platform that allows clients to receive instant quotes and complete applications in under 10 minutes. This platform integrates with major payroll systems, making it easy for businesses to manage employee deductions and set up automatic payments. SimplyInsured earns commissions from insurance carriers for each policy sold, aligning its interests with those of its clients to find the best plans at competitive prices. The company is distinguished by its exceptional customer support, offering personalized assistance and advocacy to ensure clients receive the coverage they need. SimplyInsured's goal is to provide a hassle-free and efficient solution for small businesses navigating the complexities of health insurance.

Simplify's Take

What believers are saying

• Increased demand for digital health solutions boosts SimplyInsured's digital-first approach.
• Partnership with QuickBooks Payroll aligns with the trend of bundled HR services.
• Regulatory changes favoring transparency align with SimplyInsured's mission to simplify costs.

What critics are saying

• Competition from platforms like Gusto and Zenefits could erode market share.
• Direct-to-consumer platforms may reduce demand for SimplyInsured's broker services.
• Economic downturns could lead small businesses to cut back on employee benefits.

What makes SimplyInsured unique

• SimplyInsured simplifies health insurance with a user-friendly online platform for SMEs.
• The company offers instant quotes and seamless payroll integration for easy management.
• Exceptional customer support and advocacy set SimplyInsured apart in the insurance market.

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Funding

Total Funding

$8.3M

Below

Industry Average

Funded Over

3 Rounds

Notable Investors:

Bessemer Venture PartnersY Combinator

Notable Investors:

Bessemer Venture PartnersY Combinator

$5,900,000

Series A

Jun 2015

Series A funding typically happens when a startup has a product and some customers, and now needs funding to scale. This money is usually used to grow the team, expand marketing, and improve the product. Venture capital firms are frequently the main investors here.

Series A Funding Comparison

Below Average

Industry standards

Ind Avg. $15M

$3.7M

$5M

$5.9M

$8.2M

$15M

$100M

View all funding stages