Pebble Offers to Close the Employee Benefits Gap, Giving Small Companies Access to Larger Corporation Coverage
AI-driven technology automates the entire benefits process, saving businesses an average of 20 percent.
FREMONT, CA: “Healthcare is one of the leading cost centers for startups, yet one that gets little attention. The options are difficult to navigate, and coverage almost never meets expectations," says Manoj Pinna, co-founder and CEO of Pebble. Pebble, a new company, focused on providing startups with superior, more intelligent, and all-inclusive health benefits programs, went public today after completing a highly successful, invitation-only beta phase. Its first-of-its-kind financial engineering and technology applications design comprehensive employee benefit programs within the optimal framework for employees and small businesses while keeping costs in check. Pebble collaborates with all major health insurers to tailor solutions to each business's needs, objectives, and budgets. Pebble steps in when services like mental health or fertility coverage cannot be negotiated or fitted into a company's package with a single carrier. It also develops plans, health reimbursement arrangements (HRAs), and flexible spending accounts (FSAs). It utilizes Third-Party Administrator technologies to assist with cost management, addressing these voids left by huge insurance providers.
"We can streamline the entire process for startups, saving them an average of 20 percent on what they would be paying otherwise. And rather than put these savings back in their pockets, companies are reinvesting them in additional healthcare services and more comprehensive benefits to serve their employees better. With Pebble, startups can compete with any company out there on benefits, which makes them more competitive in the battle for talent at minimal cost or hassle to themselves," adds Pinna.
When Pebble released its product to the public, it also revealed that it had successfully raised $12 million in a second seed round of funding. This takes the total funds raised by the company to date to $17.3 million. XYZ Venture Capital led the round, with participation from Founders Co-op, and Ross Fubini of XYZ joined the company's board of directors. Pebble will use the funds to expand its marketing staff and invest in continuous product development.
"There's been a major shift in how employers evaluate health insurance more than ever companies are looking to offer the most competitive benefits whilst reducing costs in this inflationary environment," says Fubini. "Pebble uses technology to allow startups to take on the risk of self-insurance previously only reserved for companies like Apple, Google, or Facebook while saving them money and resources. The company's founders, Manoj and Vinay, are tremendous operators who understand how to build in highly regulated environments from their time at Nubank."
Pebble emerges when small firms, especially startups, are at a significant disadvantage regarding the healthcare benefits they can provide their employees. Unlike large companies with dedicated brokers who can create customized plans tailored to their business at lower rates, smaller businesses generally have to make do with limited options available through off-the-shelf packages. Benefits like fertility assistance and mental health coverage are often excluded from such packages. Benefits such as reproductive help and mental health care, which have become increasingly vital to employees, are frequently excluded from such packages. Over sixty percent of major organizations intend to provide fertility benefits to their employees, but these advantages are only offered to smaller enterprises within Pebble. In addition, startup onboarding and user experience left much to be desired, placing a tremendous strain on already overburdened HR personnel. Pebble addresses all of these concerns as well as others.