LevelFunded Health, a provider of employee benefit programs for small businesses, raised an undisclosed amount of second venture funding.
The round was led by Hiscox Holdings Inc (London Stock Exchange: HSX) with participation from Insure.VC and CCCC Growth Fund. In conjunction with the funding, Ben Walter, CEO of Hiscox U.S., is joining LevelFunded Health’s board.
Founded in 2014 by Russ Carpel, CEO, LevelFunded Health is a health insurance agency offering small business-focused benefit alternatives to the Affordable Care Act. LevelFunded benefit programs appear like hybrids between traditional small group health plans and concepts typically reserved for large corporations, known as “self-insurance”.
Small businesses with five or more employees can cover employees on their own with the added security blanket of a stop loss policy from an A-rated insurance carrier that handles the plan’s administration and excess risk above a certain limit. Businesses set aside the cash to cover anticipated claim expenses. The monthly premium remains the same (level) during the whole year and if claims are less than the funded amount, a rebate or credit is issued at the end of the year. If claims go over the funded amount, businesses are protected by a stop-loss policy.
FinSMEs
10/11/2015