InsurTech startup Layr, which uses artificial intelligence and machine learning to help brokerages and agencies manage their small commercial books, has raised $10m in Series A funding.
The round was led by HSCM Ventures, with participation from MGV, Sandbox Industries, Flyover Capital, and Hannover Digital Investments. Also participating was a group of insurance brokerages and professionals from The Plexus Groupe, IMA Corp, Holmes Murphy, The Partners Group, The Graham Agency, Broker Tech Ventures, and other InsurTechs.
Layr’s AI-powered cloud platform digitises the insurance process by enabling brokers to sell, service, and renew traditionally time-consuming policies. Its platform allows small business owners to assess and select the right coverage in 12 minutes. Then, after selecting and paying for a policy, it’s automatically sent to underwriting, this allows brokers and agents to efficiently grow their small business books, Layr said.
Layr said the funding will allow it to double its team and grow its footprint amongst insurance agents and brokers while adding new technology advancements.
Phillip Naples, Layr founder, and CEO, said, “Our mission is to empower insurance brokers and agents with a world-class digital experience. This serves their clients better and makes existing workflows more efficient.”
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