InsurTech platform REIN has collected $7.3m in its venture funding round from a selection of investors.
Venture firms committing to the round included Liberty Mutual Strategic Ventures and Kiplin Capital. Individual investors and family offices supporting the round included Brown Aviation Lease founder Jason Griswold, AvPro managing director Christopher Ellis, former MCI CEO Bert Roberts, The Registry founder/CEO Steve Rabbitt, and AvPro senior executive Anderson Bell.
US-based REIN is a custom-made insurance technology product developer for emerging risks in mobility, robotics, and online ecosystems. Its solution uses business data to understand risks and can adapt to changing customer behaviour and the demand for speed and simplicity in insurance.
Machine learning, user data and modern technology tools are used by REIN to create new insurance products for market clients.
The company recently launched DroneInsurance.com, its first digital product, and was built on the REIN technology platform and offers commercial drone pilots tailored insurance coverage for their drone.
REIN CEO Christopher Dean said. ?Our platform fills a gap by providing a toolset needed to better understand and deliver insurance solutions to our increasingly connected world. Those tools will then help deliver insurance products into large online ecosystems, turn a profit on usage-based products, and support InsurTech products in IoT-related verticals.p>
Earlier in the year, Liberty Mutual Strategic Ventures took part in the $10m in its Series A funding of LeaseLock, an insurance platform for the rental housing industry. The company raised the capital to support the expansion of its sales and marketing efforts as well as accelerating product development.
Last year, the InsurTech industry was dominated by the North American market, in terms of funding. According to data by FinTech Global, the region received 62.67 per cent of the total $1.4bn that was invested into the sector in 2017.
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