Tech company Empathy partners with Benekiva to expedite insurance claims for bereaved families
Bereavement care technology platform Empathy is now partnering with software company Benekiva to streamline life insurance claims processing and help families access benefits faster.
Benekiva’s claims automation platform is designed to simplify and speed up this process, which can take up to 13 months on average, according to a Cost of Death report published by Empathy earlier this year.
In considering a partnership, the two companies saw potential symmetries between their services. The Empathy app is designed to help families navigate the logistical aspects of bereavement, including documentation, funeral or memorial arrangements, validating a will, and other concerns.
“The true financial and mental costs of loss have for too long been insufficiently accounted for by existing systems, and there is more we can do as a society to change that,” said Ron Gura, co-founder and CEO of Empathy. , in a press release. “Like Empathy, Benekiva is an innovative technology company that strives to provide insurers with the services needed to smooth out age-old processes and make them more consumer-friendly. By working with the two of us, insurers will have all the tools they need. need to elevate the recipient experience beyond a financial payment.”
The burden of bereaved families is often heavy. According to the Cost of Death report, they can spend up to 500 hours over 13 months performing administrative tasks related to the death of a loved one. The average cost to bereaved is over $12,000.
Empathy rose to prominence in April 2021 when it secured $13 million in seed capital, with venture capital firms General Catalyst and Aleph as lead investors. Before the end of the year, Empathy raised an additional $30 million in Series A funds, led by Entrance Capital, again with participation from General Catalyst and Aleph.
The company’s clients include a number of Fortune 100 companies. Empathy has also partnered with Compassus, one of the top 10 hospice providers in the United States, and the National Hospice and Palliative Care Organization (NHPCO ).
Benekiva offers a configurable platform designed to allow claimants, policyholders, associates and agents to access all aspects of the claims process as well as policy-related information and services. The platform’s features also allow insurance companies to process claims around the clock.
Last month, insurance technology organization InsurTech NY selected Benekiva among its third cohort of growth-stage accelerators. Through this initiative, InsurTech NY is offering resources to help up to 32 startups gain market traction, recruit talent, and secure funding.
“Benekiva is on a mission to create the claims platform of choice for insurance companies with a beneficiary-focused mindset, improving the claims experience for everyone involved,” said Brent Williams, founder, CEO and chairman of Benekiva, in an announcement. “Our technology and configurable platform put requesters back in control so that simple requests get paid in days, not weeks. We share Empathy’s goal of meeting people where they are so they can focus on what’s really important.