The bereavement care tech platform Empathy is now partnering with the software company Benekiva in an effort to streamline life insurance claims processing and help families access benefits more quickly.
Benekiva’s claims automation platform is designed to simplify and accelerate that process, which on average can take as long as 13 months, according to a Cost of Dying Report published by Empathy earlier this year.
As they considered a partnership, the two companies saw potential symmetries between their services. The Empathy application 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 addressed by existing systems, and we can do more as a society to change that,” Ron Gura, Co-Founder & CEO of Empathy, said in a statement. “Like Empathy, Benekiva is an innovative tech company striving to provide insurers with the services needed to smooth age-old processes and make them more consumer friendly. By working with both of us, insurance carriers will have all of the tools they need to elevate the beneficiary experience beyond a financial payout.”
The burden on grieving families is often severe. They can spend as many as 500 hours over as many as 13 months completing administrative tasks related to their loved one’s death, according to the Cost of Dying report. The average cost to the bereaved exceeds $12,000.
Empathy rose to prominence in April 2021 when it secured $13 million in seed money, with the venture capital firms General Catalyst and Aleph as the lead investors. Before the year was out, Empathy raised an additional $30 million in Series A funds, led by Entrée Capital, with participation again from General Catalyst and Aleph.
The company’s clients include a number of Fortune 100 companies. Empathy also has forged partnerships with Compassus, one of the 10 largest hospice providers in the United States, and the National Hospice and Palliative Care Organization (NHPCO).
Benekiva offers a configurable platform designed to give claimants, policyholders, associates, and agents access to every aspect 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, the insurance technology organization InsurTech NY selected Benekiva among its third growth-stage accelerator cohort. Through this initiative, InsurTech NY offers resources to help as many as 32 startups gain traction in the market, recruit talent and secure funding.
“Benekiva is on a mission to create the claims platform of choice for insurance companies with a beneficiary-first mindset, elevating the claims experience for all involved,” said Brent Williams, Founder, CEO & President of Benekiva, in an announcement. “Our technology and configurable platform enables claimants to regain a sense of control so simple claims are 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.”