Yuzu Health is a New York City based startup on a noble mission – to simplify health plan administration for companies from the ground up. The founding team, comprising five future-focused innovators, raised $5M in a round led by Lachy Groom, with participation from Neo, Day One Ventures, Altman Capital, WndrCo, and others. Yuzu Health plans to reinvent startup health insurance, but needed help resolving their startup insurance challenges.
The Challenge:
Yuzu Health was preparing to close their funding round and required business insurance quickly. Key partners were ready to work with them, but required hard to place insurance. Finalizing insurance was preventing them from launching their platform and helping support their customers with a superior health benefits experience.
The Results From Working With Sparx:
31.4% Savings on Insurance Policies
24-hour Turnaround on Policy Purchase
Endless Savings Unlocked by Sparx’s Proprietary Platform
"I remember how stressful it was to close our seed round. Nobody should have to worry about that and business insurance at the same time. Sparx is here to help."
Max, and the founding team, were in a bit of a bind. They needed insurance fast. Yuzu’s executive team went to traditional brokers to search for Errors & Omissions coverage as well as Directors & Officers coverage. It just wasn’t good enough. Traditional brokers didn’t move fast enough for Yuzu and they decided to keep looking. Max stumbled upon a leading startup insurance brokerage, which claimed they were able to provide insurance for startups. Pretty quickly, the Yuzu Health team learned that this vendor will only offer their own insurance and sell insurance at a higher price instead of shopping insurance from multiple sources.
Still scrambling to remove this roadblock so they could start offering the Yuzu experience to customers, Yuzu went to Sparx.
The Solution:
Yuzu Health approached Sparx with their issue and the Sparx team did what they do best –– they got to work helping companies with insurance. Sparx was able to get Yuzu Health quotes for their Errors & Omission insurance within 24 hours. This was days (if not weeks) faster than traditional brokers and included multiple quotes to ensure Yuzu Health was able to get the best price. This allowed them to move forward with platform partners, opening up their doors to customers excited to adopt their superior health benefits experience.
"On the insurance side of their business, we've obtained our policies through the Sparx team and they are incredible to work with -- they feel like an extension of our team. They are freaky-fast responsive, willing to dive into the details, deliver clear and concise communication, and, as a result, we have been able to obtain policies that typically take weeks or months within days. We are utilizing more and more of their services given their consistent expansion of services and tech."
Additionally, Sparx was able to get Yuzu Directors & Officers insurance which led to them closing the $5M funding round. All of this was accomplished with the Sparx platform. By onboarding Yuzu Health to the platform, Sparx was able to provide proprietary pricing from insurance companies – something no other broker can do. Sparx is proud to offer companies of any size a savings-first insurance brokerage driven by industry veterans with decades of experience.
"The Sparx team is honestly so impressive. Nobody jumps on customer requests faster than them, and their technology platform is very intuitive and impactful. We're lucky to have Sparx."
Through Sparx, Yuzu Health can also automate their business savings across their stack for all SaaS and Cloud spending. Sparx maintains a proprietary database of business spending and leverages that to get better prices for client companies. Sparx is excited to continue working with Yuzu Health on their savings and plan to continue shopping their policy on a yearly basis to ensure maximum savings.
Does your company’s story sound like Yuzu Health’s? Sparx helps companies from small startups to household names like BMW and Invisalign find savings on their spending. The Sparx platform uncovers savings on your software and cloud spend, while also unlocking best rates on insurance, as you saw with Yuzu’s case.