Minneapolis-based insurance marketplace Gravie has raised a $1m Series Seed from Securian Financial Group. Securian will also begin selling life insurance through the startup's online marketplace, which had previously focused on health, dental, and vision insurance.
Gravie’s customers are largely employers that want to take a more hands-off approach to health care. Gravie navigates its customers' employees through the process of buying individual health plans. Like traditional insurance brokers, Gravie generates revenue through commissions on sales. The market for individual policies has been rocky in recent years, however. In Minnesota, for instance, two insurers retrenched have from the business citing steep losses. The most recent to pull back was Eagan-based Blue Cross and Blue Shield of Minnesota, the state’s largest insurer by market share.