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Friday, December 3, 2021 | 01:43 am
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InsurGrid Raises Pre-seed Financing to Help Modernize Legacy Insurance Agents

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InsurGrid Raises Pre-seed Financing to Help Modernize Legacy Insurance Agents

Insurance coverage brokers spend hours dealing with paperwork and grabbing consumer info over the cellphone. A brand new seed-stage startup, InsurGrid, has developed a software program answer to assist ease the method and make it simpler for brokers to serve current shoppers — and safe new ones.

InsurGrid offers brokers a customized platform to gather info from shoppers, comparable to date of start, driver’s license info, and coverage declaration. This platform helps brokers keep away from sitting on lengthy calls or managing back-to-back emails, and as an alternative offers them one spot to know how all their completely different shoppers operate. It’s beginning with property and casualty administration.

The startup integrates with 85 insurance coverage carriers, serving because the software program layer as an alternative of the supplier. Utilizing the InsurGrid platform, insurers can ask shoppers to add info and inside seconds be registered as a policyholder. This primarily turns right into a dwelling Rolodex that insurers can use to enter info on the account, and provide quotes on a sooner fee.

Picture Credit: InsurGrid
Picture Credit: InsurGrid

There’s a financial profit in offering higher service. Eden Insurance coverage, a buyer of InsurGrid, mentioned that individuals who submit info by means of the platform transformed at an 82% larger fee than those that don’t. Jeremy Eden, the company proprietor of Eden Insurance coverage, mentioned they have been capable of present customers that its plan was $300 cheaper than its current fee.

On the coronary heart of InsurGrid is a guess from the founding crew that legacy insurance coverage brokers aren’t going anyplace. Co-founder/CEO Chase Seaside identified that almost all of the $684 billion of annual property and casualty insurance coverage premiums in the USA are distributed by roughly 800,000 brokers working in 16,000 brokerages. Up to now, InsurGrid works with greater than 150 of these companies.

When requested if InsurGrid ever had plans to supply its personal insurance coverage, just like insurtech giants Hippo, Lemonade, and Root, Seaside mentioned that it’s solely engaged in innovating across the gross sales course of for now. He mentioned that these large firms, which have both lately gone public or are planning to, nonetheless depend on brokers to achieve success.

“As a substitute of us changing the insurance coverage agent, what if we gave them that very same degree of know-how of a Hippo or massive provider,” Seaside mentioned. “And supply them with the digital experiences to allow them to compete in 2021.”

As time goes on, he sees insurance coverage brokers taking the identical position that monetary advisors or actual property brokers take: “very a lot concerned within the course of as a result of they’re that skilled.”

Different startups which have popped up in this area embody Gabi, Trellis, and Cover Join. The differentiator, the crew sees, is that Seaside comes from a 144-year-old insurance coverage legacy, giving him key insights on easy methods to promote to brokers in a profitable and efficient manner. It’s beginning with gross sales, however, count on InsurGrid to develop to different elements of the insurance coverage course properly.

To assist them to compete with new and outdated startups, InsurGrid lately raised $1.three million in pre-seed financing to assist it to fulfill its purpose to be the “underdog for the underdogs,” Seaside mentioned. Traders embody Engineering Capital, Hustle Fund, Vess Capital, Sahil Lavingia, and Trevor Kienzle.

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