Everplans, the online service that helps people plan for the only certainty in life besides taxes, has raised new cash to bring to market a product for financial advisers and service providers in the new year.
“We launched the product to consumers and we started to get calls from financial advisers, and insurers,” says Everplans co-founder and chief executive Abby Schneiderman. “We have been developing a version of our platform that allows the advisers to create co-branded information.”
The initial consumer-facing service, which now has roughly 10,000 users building end-of-life plans, provided links to multiple service providers who could help. Now, with the new tool, advisers can just white-label the Everplans service and have it link back to their own products.
Backed by the private equity firm Formation Capital, which invests in healthcare services for America’s rapidly aging population, the company is also getting a boost to its board with the addition of Yodlee chief executive, Anil Arora, who’s coming on to help the company reach out to enterprise customers.
Discussions are already afoot with a few potential partners to bring the service to a larger institutional market, according to Schneiderman.
“It’s this convergence of demographics and technology,” says Generator Ventures co-founder Katy Fike of the new emphasis on services and technologies catering to older Americans. “Finally, entrepreneurs, because of the size of the market now and the fact that people are personally bumping up against the system, are seeing opportunities to bring technologies to markets that had previously been untouched for the last 30 years.”
As increasing numbers of Americans move further away from home and face the prospect of thinning retirement accounts, there’s a realization of a need to have market solutions to problems that had previously been handled by communities and nonprofits, says Fike.
“There’s less on the supply side and there’s less money to pay for these services,” Fike says. “And consumer preferences are changing. People are more used to have technology tools managing other aspects of their lives.”
While the number of healthcare startups have increased dramatically, Fike says that the focus hasn’t been proportional to the demands from different populations.
“The reason we created Aging 2.0 is that there are a lot of people focusing on healthcare generally, but the needs of the elder population are a bit different.”