IL Tech in NY
Insurights is helping solve a problem unique to Americans in that it tackles the complicated healthcare system not experienced by Israelis at home. Expanding operations to the US means that feet need to be on the ground from those who have lived it first-hand. “Additionally, the New York startup ecosystem is thriving, especially the Israeli one, being part of a community was very important to me,” he added.
Company name: Insurights
Field of activity/product: Employees’ health and wellness.
Founders: Guy Benjamin, Elad Ofir, Ben Goldenberg, and Ben Nagar.
Year of founding/start of New York operations: Founded and started operations in 2021
Number of employees and whether the company is active in other locations: 35 employees, 15 in Israel, 20 in the US
Sum of total funding to date/funding rounds completed: Seed round, $24M
Names of investors/VC backers: Group 11, Good Company, Insurtech Israel, Cresson
General background on the founders/senior managers:
After a 12 year career with the Israeli Air Force, I came to the US to get my MBA at Yale. Upon graduation, I joined McKinsey & Co. in their New York office and was there for seven years. We started the company in early 2021, opening offices in Tel Aviv and NY.
Background on the product/service/platform/solution:
No one ever defines the US healthcare system as simple, accessible, and easy to navigate. In fact, it is quite the opposite. Employers spend $1.6 trillion a year on employees’ health, which is a whopping $10,000 a year per employee. On the other hand, 70% of employees say they don’t know what they are covered for and 60% of employees delay or avoid treatment because they are not sure if they are covered for it. Today, the only option for employees is to call the call center or try to read and fully understand their health plan – a 650-page document that changes every year. This is unacceptable.
Insurights helps employees navigate, understand, and utilize their health benefits – we developed Zoe, the first-ever virtual Chief Health Officer that answers an employee’s questions about their health benefits, helps them find in-network providers, understand costs, learn about preventive care benefits, and manage their own and their families health and wellbeing. Zoe also proactively reaches out to employees with specific preventive care benefits they should be aware of, including yearly physical tests, mammograms, etc. The technology behind Zoe knows how to analyze ANY health plan and provides a digital door for employees to interact with their health benefits, eliminating the need for call centers, improving employees’ satisfaction, and saving significant time for employees and HR leaders.
Why New York? What advantages does it offer? How does the market differ from Israel? How does the competition differ?
As a company with an R&D center in Israel, we wanted to open our US headquarters on the East Coast. When looking at the talent pools, we noticed that the best talent in the health and wellness industry is in and around New York. Additionally, the New York startup ecosystem is thriving, especially the Israeli one, being part of a community was very important to me.
Two things you learned about the US market from operating in New York:
I have also learned the importance of sharing different perspectives. Our Israeli team has not experienced the problem we’re trying to fix, and is also not constrained by the limitations of the US healthcare system. When faced with roadblocks or challenges unique to the US healthcare system, this multicultural perspective helps us tremendously. Sharing a fresh perspective is one of our strengths, and building off these strengths of both the American and the Israeli teams is crucial in achieving results.
Two things you learned about American investors as a result of starting operations there:
Two suggestions for Israeli entrepreneurs on what to do in New York:
Two suggestions for Israeli entrepreneurs on what not to do in New York:
How much did the Covid pandemic impact your work?
What are the differences when it comes to recruiting employees?
What are some of the workplace culture differences between Israel and New York?
The IL Tech in NY project is a collaboration between CTech and Israeli Mapped in NY. For more information email Guy Franklin via this link.
