Sproutt

Sproutt is a life insurance policy provider that functions through a digital platform. Medical tests are not a prerequisite for purchasing the services. Instead, the platform asks customers to fill out an online questionnaire to gather information such as height, age, and weight, which is then combined with other behavioral factors —that the platform associates with health and wellness—such as eating habits, mental health, and sleep. Sproutt then applies artificial intelligence (AI) on this information to calculate a Quality of Life Index score, which is then used to identify and select the most appropriate life insurance policy for the customer. Sproutt operates as an independent insurance broker and issues insurance policies from a pool of insurers. The company claims a life insurance policy can be accessed through its platform in as little as 15 minutes. 

The company also offers an AI-powered platform– SmartLife –to assist agencies in all aspects of business activities. The platform enables agents to make decisions in real-time and offer tailored life insurance policies from top carriers, ranging from whole to term life insurance. 

In March 2023, Sproutt acquired The Reder Agency for an undisclosed amount, as part of its strategy to establish a comprehensive distribution ecosystem. This acquisition bolstered Sproutt's network by over 400 agents and also facilitated the rollout of the SmartLife platform to them.

Fundings and financials 

In September 2021, the company raised USD 26 million in Series B funding. The funding round was led by MoreTech Ventures. The new funds will be directed towards further developing existing products, in addition to rolling out a new predictive life insurance product.