Breeze Brings New Life to the Sluggish Disability Insurance Industry

Breeze, an insurtech business located in Omaha, has raised $10 million in a Series A round to further its objective of protecting Americans during their most financially difficult stage.

Northwestern Mutual Future Ventures, Silicon Valley Bank, M25, Fiat Ventures, and Invest Nebraska are among the investors in the round, which is led by Link Ventures, a Boston-based fund that discovered Breeze through its unique recruiting techniques.

Breeze, founded by Colin Nabity and Cody Leach in 2020, has developed insurance tech that simplifies the application and underwriting of supplemental insurance products such as health cover and critical illness policy.

Breeze Sluggish Disability Insurance Industry

Income protection is generally provided through incapacity and critical illness insurance if a person is unable to work due to illness or injury. Each year, an average of 5.6 percent of working Americans will suffer a six-month or shorter short-term disability due to sickness, accident, or pregnancy. At the very same time, one out of every four Americans has a handicap that interferes with their daily tasks.

For more than 20 years, disability insurance was offered in the same way as other insurance policies: using outmoded systems, data analytics, and assessment that didn’t give customers the right coverage for their employment and health. Furthermore, according to Nabity, there was no digital platform for selling this sort of insurance directly to consumers.

Individuals may go online and finish the application procedure in 10 minutes to obtain a tailored quotation for disability insurance or critical illness coverage through Breeze. According to IBIS World, the market for disability insurance in the United States was valued at $19.1 billion this year, down marginally from 2016.

Breeze is rethinking these devices to make them cheaper, a policy worth several thousand dollars costs approximately $20 per month on average, and to give consumer education to make buying this sort of insurance less scary, he noted.

“We want a method for consumers to comprehend this sort of insurance, make it more inexpensive, and be acquired fully online,” Nabity said in an interview.