ifeel, the European mental health solution for the enterprise and insurance world, has raised a $20 mn Series B investment co-led by FinTLV Ventures and Korelya Capital, and with the participation of its’ existing investors SCOR Ventures, Nauta and UNIQA Ventures.
Сorporates and insurance companies struggle to face the costs associated with mental health among employees and insured collectives.
For corporates, these costs end up lacerating bottom-lines in the shape of an ever increasing number of employees going on mental health sick leaves. However, ifeel’s data shows how burnout, anxiety and depression are now commonplace among the average employee, and not just prevalent among the higher risk population.
This means that preventing mild cases from deteriorating helps bottom lines but also company cultures. Addressing such tendency is at the core of ifeel’s product, which is unusually fit for attending the full spectrum of mental health needs.
ifeel’s approach serves top executives by helping managers deal with mental health issues through human yet data-first methodologies, and it serves the overall employee population, high-risk or low, in finding a sustainable way out of psychological distress through a suite of therapy and self-help modalities.
For insurance companies, costs come in the form of soaring claims from an escalating demand for mental health care; but also in the shape of low renewal rates from insurees whose needs are not met by a system that takes up to six months to provide care, very often too late or too meager.
Further, the insurance industry loses money by covering only 3% of policy-holders for mental health. ifeel’s data has proven distinctively superior to current means of underwriting, especially for group (employer) plans, thus constituting a huge catalyst for opening up the group insurance market.
The mental health industry needs structural change. In a time when having the right clinical insights on a patient population is critical to preventing, treating and underwriting mental health disorders appropriately, ifeel emerges as a solution that is capable of driving optimal mental health outcomes at scale
Amir Kaplan, ifeel CEO
ifeel combines advanced data analytics, clinical research and state-of-the-art AI models to provide employers and insurers with the right tools to manage the mental health of end employees and insured people.
With a proprietary modular risk approach to mental health, ifeel is able to optimally allocate resources to help those in need, improving mental health outcomes and saving millions in disability, productivity and claims.
The insurance industry should prioritize prevention and preventative solutions. ifeel’s exceptional team, combined with their advanced tech stack, not only offers innovative solutions but also ensures substantial cost savings and improved mental health outcomes
Gil Arazi, Founder and Managing Partner of FinTLV Ventures
Time compounds costs and mental health disorders. With a grand vision in mind since its early days in 2017, ifeel is driven by the purpose of maximising the provision of mental health to large corporates and insurers in a clinically-grounded and financially viable manner.
ifeel holds technology at its core, with artificial intelligence as one of its main tenets in the development of AI models along its diagnostic, self-care, and therapy verticals.
ifeel’s AI products hold an advantage over the vast majority of mental health AI solutions: they are trained by real human interactions and datapoints gathered over the years, holding clinical soundness as an embedded priority.
All models are built following the highest ethical standards and all data is anonymous and confidential.
