Certificial, which offers real-time certificate of insurance (COI) issuance and compliance management, has closed its Series A round on $5.8m.
The round was supported by AI Capital, Nationwide, Cofounders Capital, Fin VC, and Cameron Ventures.,
Alongside the close of the round, the InsurTech company has launched a partnership with Property and Casualty Insurance Business of EXL, which offers operations management and analytics services. The deal will provide stakeholders with greater automation levels.
Certificial claims to be the first platform designed to eliminate pain points for all stakeholders involved in the COI exchange process, including agents and brokers, the insured, and the requestor.
The company has had a strong start to the year, with it welcoming 6,000 new agencies and broker to its platform in Q1 2021.
Certificial co-founder and CEO Peter Teresi said, “Businesses are focused on increasing their digital footprint and Certificial is filling the demand for continuous compliance monitoring.
“Our platform is designed to bring operational efficiency and automation to all stakeholders. At the same time, having access to real-time coverage information enables companies to make more informed decisions, which further protects the financial interest of all parties.”
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