ExtrasJar

ExtrasJar is a financial services company operating in the Australian insurance market, founded in 2019 by former insurance industry actuaries John Connor and Reece Frazier. The founders established the company based on their extensive experience, including Connor's over 20 years as a senior manager in major insurance firms, to address what they identified as significant inefficiencies in traditional extras health insurance.

The company's core offering is an alternative to conventional extras health and pet insurance. Instead of paying premiums for a "use it or lose it" policy, customers deposit funds into a personal, managed investment account—their "ExtrasJar". These funds can then be used to pay for ancillary health services like dental, optical, or physiotherapy via a dedicated digital Mastercard. A key feature is that any unused money rolls over to the next year and continues to accumulate, providing a savings vehicle for future health needs. This model is designed to counteract the issue where Australians collectively pay billions more in extras premiums than they receive in benefits.

ExtrasJar generates revenue through multiple streams: commissions on insurance premiums, fees on the investment products where customer funds are held, and a monthly subscription fee for platform and card access. The business targets Australian consumers seeking more control and value from their health expenditure, offering them a way to build a personal health fund that never expires. In August 2022, the company secured $600,000 in a seed funding round led by Sydney Angels to support its growth and scaling efforts.

Keywords: health insurance alternative, pet insurance, insurtech, financial services, extras cover, self-insurance, micro-investing, digital wallet, Australian market, health savings, John Connor, Reece Frazier, dental cover, optical cover, physio cover, managed investment, Sydney Angels, digital Mastercard, ancillary health services