Ethos, a health insurance startup, received a 35-million-dollar investment in the investment round under the leadership of Accel and supported by Google Ventures. With the 35-million-dollar investment Ethos has received, the total amount of investment has increased to 46 million dollars.
In the second major investment tour, Ethos has received 35 million dollars, Accel’s partner Nate Niparko will join Ethos’s board of directors and Google Ventures’ partner, Tyson Clark, will also serve as board advisor. American musician Jay Z’s entertainment company Roc Nations venture fund, Sequoia Capital and Arrive are also among the companies participating in the funding round. In the previous investment rounds for Ethos, actors Will Smith and Robert Downey Jr. and basketball player Kevin Durant’s investment companies became prominent names.
Using data analysis to estimate a person’s life expectancy, Ethos claims that they can shorten the waiting period in insurance policies from 10 weeks to 10 minutes, and states that payment of insurance claims can be made within weeks. The company also explains that 99 percent of customers do not need a blood test or a medical report to own a policy. In short, the startup can reduce the standard insurance process to a few minutes.
Providing insurance coverage for 10 to 30 years, Ethos has partnered with Assurity Life Insurance Company and Munich Re to bring insurance companies to customers. The startup, which reported strong growth this year, has seen an increase of over 400 percent in terms of revenue, customers and applications in the last four months.