Global commercial InsurTech INSHUR completed an additional Series B which brought the total funding to $35m led by JVP alongside investors Viola Fintech and MTech Capital.
The company intends to use the funds to accelerate global growth plans, enabling it to invest in technology, recruit people, and bring new Insurtech products to market.
Founded in New York in 2017 and led by Dan Bratshpis and David Daiches, INSHUR aims to change the ineffectiveness of an analog industry by harnessing data to transform rideshare insurance, initially for New York’s UBER drivers.
The INSHUR platform allows drivers to receive a quote, purchase and service an insurance policy at their convenience via their smartphone in minutes. Rather than use a broker and fill out numerous forms, customers simply scan their professional license using the INSHUR app which automatically retrieves and processes the relevant pricing data to get their insurance coverage in minutes rather than wait days to start driving and earning.
INSHUR is rolling out new commercial insurance products for delivery and courier drivers. The company currently has a team of over 100 based in New York, Brighton (UK), and Amsterdam. It has a capacity partnership backed by Munich Re in the USA and the UK and WAKAM in the Netherlands.
According to Bratshpis, “Commercial insurance hasn’t evolved much in the recent past. Distribution is mostly analog, pricing models are woefully outdated, and the processes are time-sucking and inconvenient. We’re here to shake things up. There is a real opportunity to leverage new technology and data to re-invent insurance and make it truly fit the way modern businesses operate.”
JVP chairman and founder Erel Margalit added, “INSHUR is leading an insurance revolution in the new economy, based on mobility, drivers and business owners who want to take fate into their own hands. Whether you are an Uber driver, a locksmith or a courier, you need new and dynamic insurance that will allow you to take control of your destiny and your business. INSHUR is enabling this new economy of small businesses to thrive, with operations in both the US and Europe.”
The last few years have been busy for INSHUR. In 2017, the company signed a capacity agreement with Munich Re – a German multinational insurance company, to enable the launch of INSHUR 2.0, a full digital quote, and buy mobile insurance product. Initially aimed at the 120,000 drivers in New York’s rideshare space.
In November 2018, INSHUR agreed on a distribution partnership with Uber, becoming a preferred insurance partner, and launched in the UK followed by the Netherlands in 2020. Then last year in 2020, the company evolved its underlying technology infrastructure. The new data-led insurance platform is designed to power and protect the new economy players in mobility, delivery, and transportation.
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