New York-based InsurTech platform Boost Insurance has closed a $3m funding round led by Norwest Venture Partners.
Other contributions to the funding round came from firms including IA Capital Group, Greycroft Partners, State National Companies and Nephila
Boost is a technology-enabled insurance platform which is built to help support InsurTech startups working on innovative insurance products, distribution, data analytics, underwriting and claims. Through the offering, startups fain access to regulated insurance paper and risk capacity to help with product development.
The company will work with a group of InsurTechs planning to launch new distribution platforms or insurance products. The company will launch new InsurTech programs early next year.
Boost is looking to expand its trusted partner network, looking for companies within claims, underwriting, data analytics, actuarial, and other insurance services
Norwest Venture Partners principal Jared Hyatt said, “Insurance is a unique and highly-regulated industry which requires cooperation between startups and regulated insurance companies,” “Boost serves as a conduit between insurtech startups and insurance capital, but is also a buffer from a technology and cultural perspective.
?The Boost Insurtech Platform eliminates the need for technology startups to integrate and conform to archaic systems while also allowing them to control the entire customer and brand experience.”
There was a significant downfall in investment value in Q1 2017, compared to the same quarter last year. The first quarter of the year received $178.5m, as opposed to the same quarter last year which picked up $630.4m
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