The managers of a new type of supplemental health insurance issuer say they have changed the company’s name — to Brella Insurance Inc., from Clara Insurance Inc. — and raised $1.5 million in additional financing.
The company has also started selling its product in the employee benefits market in Texas.
The product is an insurance policy that pays a fixed cash indemnity benefit when the insured suffers from one of about 13,000 specified health conditions, such as a broken arm, or pneumonia.
The policy is similar to a critical illness insurance policy in some ways, except that it pays a small benefit when an insured individual suffers from one of many triggering everyday conditions, rather than a large benefit when an insured individual suffers from a specified critical illness.
For a simple broken arm, for example, the policy might pay a benefit ranging from $200 to $750, depending on the benefits richness level selected.
The policy might pay $1,000 to $10,000 for an insured diagnosed with a condition classified as catastrophic, such as lung cancer.
Brella gets the insurance that powers the program from Greenhouse Life Insurance Company, an arm of Reinsurance Group of America (RGA).
Brella has had financial support from Two Sigma Ventures and from RGA’s RGAX LLC.
The company says it has now added Digitalis, Operator Partners and Ron Bouganim to its investor list.
— Read New Mexico Freezes the ‘Excepted Benefits’ Approval Pipeline, on ThinkAdvisor.