SimplyInsured is an online platform that enables small companies to compare rates, purchase employee health insurance plans, and administer them to reduce paperwork. Its algorithm ranks plans by total cost using monthly premiums and estimated annual medical costs, then filters results by age, location, and other employee-specific factors. The company offers instant quoting with a 50-state SMB quoting engine and provides each employee a mobile ID card on their plan start date. Additional features include payroll integration, claim-fighting support, and 24/7 customer service. SimplyInsured competes with local insurance brokers, startups like Zenefits, and SHOP exchanges but says it covers more plans and features. It launched out of Y Combinator in 2013. SimplyInsured is an online platform that helps small businesses compare group health insurance plans and handles the paperwork involved in securing coverage for employees. It analyzes thousands of insurance plans within seconds to identify the best rates and presents plan details for comparison, likened by co-founder Vivek Shah to travel sites that pull up airfare prices. The company launched out of Y Combinator’s winter 2013 batch. Shah declined to disclose revenue numbers but said the startup was mostly bootstrapped before this seed round and is currently pulling in more than $1 million in sales per month for large insurance networks like Kaiser Permanente and Anthem Blue Cross. SimplyInsured has 12 employees and plans to hire about 30–50 more, primarily in engineering, sales and marketing. Engineers will work on a newly launched Virtual Broker product, intended to replace traditional insurance brokers. SimplyInsured provides an online platform that enables small businesses to compare price quotes from multiple insurance carriers and purchase health insurance entirely online. Its technology reads health insurance plans and converts them into cost models, turning complex legalese into clear cost comparisons and speeding up responses that traditionally take days via brokers. The platform also automates the application and ongoing administration process, including employee onboarding, payroll deductions, and other back-office tasks. SimplyInsured says clients can save up to $1,000 per employee in healthcare premiums. The company targets a $17 billion traditional insurance-brokerage market where over 6 million small businesses still buy insurance via paper, phone, and fax. Launched as part of the Y Combinator accelerator by Vivek Shah (CEO) and Bob Aspell, SimplyInsured has grown revenue by 500% in the last six months and plans to use new funding to expand product and sales teams.

Total raised

$8M

Funding rounds

3

Latest round

Series A

Latest activity

Jun 2015