On the web smaller company insurance broker raises $29 million – PropertyCasualty360

Following Insurance aims to simplify and streamline the smaller company insurance underwriting system. (future-insurance.com)

Following Insurance, an on the net smaller company insurance broker that sells business-particular guidelines, just lifted $29 million in Sequence A funding, in spite of the latest information that InsurTech startup financing constricted before this year.

Linked: InsurTech funding dips (for now) as startups market new wares

Based in Palo Alto, Following Insurance aims to simplify and streamline the smaller company insurance underwriting system by providing guidelines built for specific professions including contractors, photographers, particular trainers, yoga instructors, janitors and landscapers. This spherical of funding is reportedly earmarked for expanding the service to supplemental industries.

The corporation beforehand lifted $13 million in seed funding, according to TechCrunch. Munich Re/HSB Ventures led this spherical of funding. Markel, Nationwide, Liberty Mutual and Hiscox are also investment and service associates.

“The complexity of the smaller company insurance market is pretty important and this leads to a problem the place even the premier insurance vendors have significantly less than ten p.c of the smaller company market,” Following Insurance founder and CEO Person Goldstein explained to Tech Crunch. “This offers us big expansion potential as we intention to focus in and turn out to be a market chief in each individual smaller company vertical.”

Serving as a handling common agent, Following Insurance groups up with carriers and then requires a fee from the guidelines it sells.

Following Insurance joins a handful of other tech-driven insurance business disruptors. That checklist contains Lemonade, Ladder, Insurify and Trov.

See also:

Insurify raises $2 million to generate digital agent for Auto insurance plan

Lemonade carries on to disrupt the insurance sector