ExtrasJar

About

ExtrasJar provides health and pet extras coverage via user-funded Extras Accounts that let users nominate treatment budgets, roll over unspent balances, and invest unused funds in a managed scheme.

Mission

ExtrasJar offers health and pet extras coverage through its ExtrasJar Extras Account, which lets customers nominate amounts to spend on treatments and roll over unused funds year-to-year. Unused balances are invested in the ExtrasJar Managed Investment Scheme to potentially grow over time. The product is positioned as an alternative to traditional extras plans, giving customers control over how they spend their extras. Co-founders John Connor and Reece Frazier frame the offering as a response to what they call industry 'shams' and say it prevents Australians from losing large portions of their extras. ExtrasJar cites that Australians lose more than half of health insurance extras — about $514 per person per year and over $10,280 over 20 years — as part of its rationale. Following its seed raise, the company says it can offer its coverage to a larger population of Australians and expand awareness through channels such as Insurance Business Australia.

Quick Facts