Super investment of 160 million for Clover, the startup insurance for seniors

The startup of the Insurance tech is one of the novelties of the US insurance market that mostly challenge the traditional companies, thanks to a data-driven approach and the ability to raise large amounts of capital to accelerate growth

Published on 15 Jun 2016

Another super-round of investment for a insurance tech startup.

Founded in 2014, Clover Health has collected to date in 4 different rounds of investment an overall of 295 million dollars, involving some of the best-known US investment funds, such as Sequoia Capital, First Round and finally Greenoaks Capital, who led the latest collection (closed last May) that brought $ 160 million of new capitals.

Clover Health, whose we already talked about in this article, combines data-driven approach to the prevention, addressing in particular to older and low-income users, serving as a point of reference for the protection of health of the person at the lowest cost. In particular, the company caters to those who are covered by Medicare Advantage, a federal program addressed to people over 65 and people with specific diseases or disabilities, which allows the person to choose a private insurance that covers health care, but awards and damages are paid by the government.

Even in the US population aging is a rather sensitive issue: the estimates are that the population over 65 is expected to double, reaching 88 million by 2050. This increases the startup market, always appreciated by investors.

This is combined with a proprietary technology able to analyze large amounts of data from different sources.

The Clover technology, in fact, should be able to recognize (analyzing health data such as lab tests, hospital admissions, material usually scattered in different information systems), when patients are in need of medical care, making possible preventive action, decreasing costly hospital admissions and saving money to the patient, but also to the insurance company and ultimately to the Government.

Currently the site is in English and Spanish, thereby addressing to a target of Hispanic customers, very wide.

In a market worth more than $ 220 billion, the company aims to gain its share, thus challenging the traditional companies, but also other startup of the US insurance, like Oscar Health, by which it shares the data-driven approach, but it differs in the target, which for the first is represented by Millennials.

With these new resources, Clover intends to improve technology and expand into new markets.

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