Bermudian insurance and reinsurance firm AXIS Capital Holdings Limited has invested in health insurance-technology firm HealthCare.com.
AXIS Capital participated in the insurtech’s Series B round of funding alongside CNO Financial Group and Second Alpha Partners, a New York-based private equity firm specialising in technology-enabled companies.
The investment round brings HealthCare.com’s total capital raised to over $27 million, which will be used to fund the firm’s growth ambitions.
Established in 2014, HealthCare.com aims to help consumers compare and enroll in health and Medicare plans.
The company also plans to use the additional capital to fund technology, engineering and data-science investments, expand consumer experience solutions and accelerate the development and marketing of its proprietary insurance products.
“We recognize the massive opportunity and are committed to help consumers deal with the increasing complexities and costs of health insurance,” said Jose Vargas, co-founder and president of HealthCare.com.
“We are pleased and honored to have the backing of investors who share our values and mission to become the pioneer tech-enabled destination for consumers to compare and enroll in health insurance and Medicare plans,” he added.
Jim Sanger, managing partner of Second Alpha Partners, also commented: “Second Alpha is pleased to back HealthCare.com and its entire team, who have demonstrated market leadership and momentum while building a sustainable and profitable InsurTech company.”
“Applying technology and data to help consumers navigate and enroll in the best health insurance or Medicare plan is a massive and exciting opportunity.”