Emerge Launches New Online Tool, 'Max,' Allowing Consumers Instant Access to Emergency Insurance
Emerge, founded by former Sun Life U.S. President Wes Thompson, has raised $1.8m to introduce a virtual broker to provide unique analysis and cost-effective options to help consumers close gaps in their health insurance plans.
HARTFORD, Conn., Dec. 20, 2016 /PRNewswire/ -- Emerge, an online platform that reimagines how consumers purchase emergency insurance, today announced that its site is live and ready to educate individuals and help them avoid the risk of medical debt. The company was founded by Wes Thompson, former Sun Life Financial U.S. president, who recognized a need to help individuals with potentially staggering expenditures they could face under high deductible health plans in the event of a serious illness or accident. Thompson raised $1.8m in funding to launch Emerge, complete with an online virtual advisor known as "Max," to help consumers find emergency insurance to help cover the costs of medical emergencies. Emerge – which has been licensed in all 50 states – is partnered with cobuilding platform Rokk3r Labs. The official launch is tonight, in Hartford, CT, and is open to the press.
Emergency insurance products complement health insurance by providing a cash benefit that can be used for any out-of-pocket costs related to a covered illness or accident. The emergency insurance market, which includes accident and critical illness insurance, has been growing at a double-digit rate and should reach a projected $2.7bn in sales by 2020.
Emerge's website helps users secure coverage in minutes by using Max, the platform's virtual advisor, that asks questions about health, lifestyle and budget before providing a free Personal Protection Plan and a Risk Report containing insurance options. Max is powered by an algorithm that recommends only what users need to help cover health insurance gaps. With Emerge, anyone can get coverage advice and compare quotes on their own time. Emerge is partnered with some of America's most trusted insurance companies, like Assurity Life, and provides a variety of unbiased choices for customers.
"At Emerge we want to disrupt the status quo of the insurance industry by changing the customer experience, eliminating manual paperwork and the hours spent on the phone or in-person with brokers in favor of a fully digital, mobile-friendly experience," said founder and CEO Thompson. "We are the first virtual advisor for finding, comparing, and purchasing emergency insurance online."
Thompson was inspired to create Emerge after hearing a story of a former employee who was struggling to pay medical bills for his wife's illness even though the family had health insurance. The insurance policy was hard to understand, and left critical gaps in coverage.
While a higher percentage than ever before of the U.S. population now has health insurance, many individuals are unprotected from potentially devastating financial consequences of serious illnesses or accidents. Typical health coverage has changed dramatically and the number of individuals under age 65 insured through high deductible health plans (HDHPs) hit 64 million in 2014.
Emerge partnered with Rokk3r Labs in 2016 to launch and scale Emerge.me in the market and accelerate growth. Rokk3r Labs has been instrumental in actualizing Emerge's original thesis and in the development of Max.
Nabyl Charania, co-founder and CEO of Rokk3r Labs, said, "In early conversations with Wes, I knew Emerge would be industry-changing. From his time at the helm of Sun Life Financial, Wes' understanding of industry and consumer needs, combined with Rokk3r Labs' history of leveraging exponential technologies, would allow us to provide a platform unlike anything seen before. Emerge has raised funds for its next stage of growth, created notable industry partnerships, and received licensing across 50 states – all ahead of the launch."
ABOUT Emerge
Emerge is a website that functions as a digital broker helping users get covered in minutes by using "Max," the platform's virtual advisor, who asks questions about health, lifestyle and budget before providing a free Personal Protection Plan, a Risk Report, and insurance options. Emerge makes insurance for emergencies accessible, easy to understand, and easy to buy, so that people can secure protection from the growing risk of medical debt. Founded by CEO Wes Thompson, the company recently raised $1.8m to boost growth.
ABOUT Rokk3r Labs
Rokk3r Labs is the best place in the world to launch companies that change the world. It is a venture builder and the world's first "cobuilding" platform for entrepreneurs, corporations, and investors to create exponential startups. As a partner, Rokk3r Labs increases value, mitigates risk, and helps remain at the edge of innovation. With a focus on leveraging exponential technologies (e.g., the blockchain, artificial intelligence, and 3D printing) and implementing new-age methods of raising capital, Rokk3r Labs is harnessing global collective genius to cobuild companies that change the world. Currently, Rokk3r Labs has a portfolio of 41 companies. To learn more, visit www.rokk3rlabs.com
CONTACT
Name: Devorah Goldburg
Phone: 703-276-1827
Email: [email protected]
or
Name: Anna Adams-Sarthou
Phone: 215-901-6182
Email: [email protected]
SOURCE Emerge
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article