Boston-based InsurTech Hi Marley closed a $25m Series B financing round led by Emergence Capital bringing its total funding to $44m.
The round saw participation from Underscore, True Ventures, Bain Capital Ventures and Greenspring as well as additional investors including Brewer Lane Ventures.
The company intends to use the funds to continually expand operations and its business reach. Hi Marley also plans to develop new features, ensure the platform scales across the enterprise and boost its teams in the engineering, sales and customer success departments.
Led by Mike Greene, its CEO and co-founder, Hi Marley’s messaging solution aims to ease the process of claims, underwriting and policyholder service interactions “while simultaneously connecting everyone who touches that insurance experience into a singular, real-time conversation,” it said.
In a bid to increase transparency, cut through inefficiencies and streamline communication in the insurance industry, Hi Marley allows insurance carriers to seamlessly communicate with customers and policyholders by providing a smart SMS platform purpose-built for the insurance industry.
The insurance-focused intelligent communication platform claims that the number of carriers using its platform has doubled and that the company has quadrupled its user base in a year.
Highlighting the importance of customer satisfaction in the insurance sector, Greene said, “Consumer’s expectations have accelerated, they demand easy, modern and transparent communications with their insurance providers. More so than ever, if it doesn’t meet those expectations, they simply take their business elsewhere. In response, carriers are working at an unprecedented pace to meet policyholders where they are – and we’re thrilled to help them get there faster.
Our goals, which Gordon and the Emergence team are poised to help us achieve, are to continue to expand across the enterprise, with new ways to communicate while surfacing valuable insights that ultimately help insurers create more lovable experiences.”
Emergence founder and general partner Gordon Ritter said the funding came at the right time as the firm has been looking for an innovative cloud insurance company for a while. “Mike Greene and the Hi Marley team have the strong industry knowledge we look for in portfolio companies and their passion for making insurance lovable is contagious.”
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