Overalls, a digital insurance platform, has raised new funding to help with to accelerate its growth and product development
Overalls, a tech-enabled benefits company, has announced the completion of a new fundraising round of US$4.6 million.
Overalls will use the new capital to expand its market and insurance services. Overalls is known for building a customised insurance model and cooperating with employers across the country to give well-rounded benefits for the modern workforce.
RPM Ventures led the investment, with Frontier Ventures, angel investor and former NFL player Jerod Mayo, and a number of other existing investors also participating.
“By making insurance entertaining, accessible, and personal, Overalls is bringing much-needed innovation to the area of supplemental benefits,” said Adam Boyden, Managing Director, RPM Ventures. “Overalls will radically alter how consumers and companies think about insurance and benefits.
Making insurance accessible
Overalls’ insurtech platform connects with existing benefits programmes and enables organisations to assist their employees save time, money, and stress while also promoting voluntary benefit acceptance. It was founded in 2021 by fintech veterans Jon Cooper and Emily Johnson from Redesign Health. Its goal is to increase people’s overall financial resilience while also making insurance more relatable and accessible to all.
The pandemic has highlighted the importance of financial, mental, and personal well-being, with employees placing a higher emphasis on receiving help from their workplaces. According to a recent study by PwC, 63 percent of employees felt their financial stress had increased since the start of the pandemic, 45 percent of those under financial stress had been distracted at work, and an incredible 72 percent would consider quitting their jobs if they were under financial stress.
Helping customers deal with insurance issues
Overalls has established collaborations with key firms and infrastructure solutions such as AllState Identity Protection, Matic, Boost, and Ladder since their inception last year. Over twenty-five companies have agreed to be part of the company’s pilot programme.
“The majority of people hate dealing with insurance difficulties and wait until it’s too late to think about insurance.” We want to take the mystery out of insurance and focus on what matters most to people: saving time, celebrating major milestones, and making plans for the future. “We’re delighted by the positive employer feedback and early market uptake we’re seeing, and today’s investment will help us to extend our suite of insurance options even further,” said Jon Cooper, CEO of Overalls.
Employers may use Overalls to provide more competitive and unique benefits to their employees, such as saving time and frustration, celebrating life events, and helping to protect the people and things that matter most to them. Overalls also joined the newest cohort of developing IT solutions at EHIR Academy, a collaboration of nearly 100 of the country’s largest and most progressive employers.