Broker Buddha, a technology company that simplifies the commercial insurance application and renewal process, has raised $5m in a funding round led by SiriusPoint.
The round also saw participation from existing investor Vertex Ventures US.
Broker Buddha’s tech platform aims to transform the commercial insurance market by simplifying the application and renewal processes for insureds, brokers, and carriers. It offers an interactive smart form library with over 10,000 smart forms, and supports the renewal process by highlighting exposure fields and showing prior year values, as well as comparing data across submissions.
As a result, the company said, agents can be more efficient, create a better experience for their clients, and enable submissions of a much higher quality for carriers.
As part of the partnership and investment, Darryl Siry, chief technology officer for SiriusPoint, will join the Broker Buddha board.
Siry said, “They [Broker Buddha] solve a very real problem of facilitating the completion of complex insurance applications between agents and the end customer. The team has a very strong product vision and deep technology expertise which will expand their market opportunities as they continue to grow the core product.
“While many InsurTechs focus on solving the problem of submission management for carriers, Broker Buddha is focused on enhancing the efficiency of the independent agent and their customers. The value of the product is self-evident in revenue retention ratios higher than 100% year over year.”
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