Assured Allies inks multi-million dollar deal with US pension giant CalPERS
Assured Allies inks multi-million dollar deal with US pension giant CalPERS
As part of the agreement, 45,000 CalPERS long-term care policyholders will be eligible to participate in the company's AgeAssured program for at least five years
Israeli insurtech company Assured Allies, which is developing a platform to support the elderly population, has signed a multi-year partnership agreement with CalPERS, the California public employees' retirement system and the largest public pension fund in the U.S.
As part of the agreement, 45,000 eligible CalPERS long-term care policyholders will be offered the service for a period of at least five years. CalPERS policyholders who are 75 and older and not on claim, will gain access to AgeAssured personal coaching and evidence-based preventative interventions to help them age successfully and continue to live safely and independently in their homes.
The companies did not disclose the deal's value, but it is estimated to bring tens of millions of dollars to the Israeli company over the contract period.
AgeAssured is a complementary, evidence-based program offered in collaboration with leading long-term care insurance carriers to reduce age-related disability and promote the independence of policyholders. The program utilizes machine-learning models to identify policyholders who are at the highest risk of disability and leverages the latest science of aging to provide them with personalized care interventions to reduce their risk and help them remain independent for as long as possible.
CalPERS has been operating for nearly a century, managing retirement and health plans for millions of public employees in California. Its assets are estimated at half a trillion dollars.
“We are honored that CalPERS is entrusting us with their policyholders' wellbeing,” said Roee Nahir, co-founder and CEO of AgeAssured. “This strategic partnership is a significant milestone for Assured Allies, and a testament to the success of our cutting-edge solutions in creating real value for both policyholders and insurance carriers.
“With the launch of the program with CalPERS, the AgeAssured platform now serves over 130,000 long-term care policyholders across numerous leading insurance carriers,” Nahir added. “We continue to exceed our growth targets, reflecting the significant demand for innovative solutions in the long-term care space.”
Assured Allies was founded in 2018 by Nahir and Dr. Afik Gal, President and co-founder, who were inspired to establish the company after personally experiencing the challenges of caring for elderly family members. The company has raised $65 million since its inception, led by Harel Insurance Company and the FinTLV fund. Assured Allies currently employs about 100 people at its development center in Israel, its headquarters in Boston, and throughout the USA. The company continues to expand and recruit new employees in Israel and the USA.
