Herald, a trailblazer in digital insurance infrastructure, has just secured $12m Series A funding round co-led by Lightspeed Venture Partners and Brewer Lane Ventures, with additional participation from Afore Capital and Underscore Venture Capital.
This investment marks a pivotal step in Herald’s journey to transform the insurance industry through advanced digital solutions.
The company’s primary offering is a sophisticated API that digitally bridges the gap between insurance brokers and carriers. This API integration streamlines commercial insurance processes, enhancing the platform’s AI capabilities to improve efficiency in quoting and binding insurance in real time. By embedding Herald’s technology into existing workflows, such as Agency Management Systems (AMS) or Customer Relationship Management systems (CRM), brokers can operate more effectively and respond to client needs with unprecedented speed.
Herald’s platform currently supports a dynamic range of over 80 insurance products from more than 35 carrier partners, covering diverse lines such as Cyber Insurance, Management Liability, and Workers’ Compensation. This extensive product suite not only simplifies the broker-carrier connection but also broadens the digital distribution channels for carriers, enabling them to efficiently reach and serve brokers.
The newly acquired funds are earmarked for several strategic initiatives. Herald plans to expand its AI functionality, introduce new products, and enhance its carrier partnerships. These efforts are aimed at cementing Herald’s role as a pivotal player in the ongoing digital transformation of the commercial insurance sector.
Herald CEO Matt Antoszyk said, “”Our API gives brokers the flexibility to work within their preferred workflows, whether it’s in a CRM or a custom-built platform. This funding allows us to accelerate our mission of making broker-carrier connectivity more seamless, while expanding our capabilities to serve both sides of the market.”
The company has also set its sights on establishing a modern, open data standard across the insurance industry, which will address long-standing challenges such as disconnected systems and duplicative data entry. By promoting consistent data standards, Herald aims to improve the accuracy of underwriting and streamline data interoperability across the insurance ecosystem.
Rohan Malhotra of Brewer Lane Ventures said, “Herald’s work in building an open data standard is a crucial step toward streamlining the entire industry.
“By standardizing data flows between brokers and carriers, Herald is making insurance processes faster, more efficient, and more accurate. We’re proud to co-lead this round and support this transformative vision.”
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