Buckle, an insurance MGA that is targeting rideshare drivers, has teamed with InsureScan in Alabama to underwrite non-standard auto insurance policies.
According to Coverager, under the agreement InsureScan will underwrite non-standard auto insurance policies using Gateway Insurance – one of Buckle’s insurance carriers – as the admitted carrier.
Founded in 2017, InsureScan sells automobile insurance only through independent insurance agents. The business uses patented software, giving agents a virtual insurance agency for their phone.
Buckle CEO Marty Young said, “Many gig drivers fall into non-standard categories, and Buckle is committed to giving them – and others like them – access to better insurance options. InsureScan is making the application process for insurance quicker and easier, which is a great fit with our goal to support the total success of these drivers.”
InsureScan founder and CEO Mark Chappell added, “Our partnership with Buckle is an important step forward in our growth. We look forward to creating a positive experience for our drivers and to strengthen the success of both companies.”
Earlier this year, Buckle bagged a $15m upsizing for its term loan.
The funds were supplied by Siguler Guff & Company and Hudson Structured Capital Management.
Proceeds from the deal will help Buckle bolster the distribution of its gig insurance products and support the growth of business on its platform. The InsurTech company also plans to expand across insurance and credit products, as well as form new partnerships.
Copyright © 2022 FinTech Global