HOMEE, an AI-driven direct repair network for the Property and Casualty (P&C) insurance industry, today announced the successful closure of its Series C funding round, amassing $12m.
The round was led by W.R. Berkley Corporation, featuring new investors such as The Institutes, known for their risk management and training prowess in the insurance sector, and Sure, a rapidly growing player in digital insurance technology.
This financing surge elevates HOMEE’s total capital raised to more than $75m. These newcomers join a robust group of existing strategic investors including State Farm, Liberty Mutual, The Hartford, and Desjardins.
HOMEE operates as a crucial intermediary within the P&C insurance industry, streamlining claims management through its innovative platform. Their technology facilitates rapid connections between insurers and a vetted network of service providers, enhancing the claims process and policyholder satisfaction significantly.
The fresh infusion of capital is earmarked for the advancement of their next-generation AI Smart-Claim management platform. This new software is expected to vastly improve scalability, allowing direct, seamless connections between insurance carriers and HOMEE’s comprehensive repair network across the United States.
Additional updates from HOMEE highlight its fifth consecutive record financial quarter, with a 15% growth in revenue and a 14% increase in claim assignments compared to the previous quarter. This year, the company has dramatically expanded its coverage, now serving over 7 million homes across 38 states, marking a 300% growth in repair coverage. Furthermore, the volume of claims handled by its network has seen a 250% increase since the beginning of 2024.
HOMEE has also been effectively managing increased claim volumes from recent hurricanes Helene and Milton. Larry Nettles, the leader of HOMEE’s service professionals network, commented, “Despite the challenges posed by two consecutive historic storms, our ability to handle property claims remains strong. Aside from those cases where roads and power have restricted access, we continue to match service professionals to claims within minutes and rapidly deploy a professional to the commercial property or residence. Powered by our technology, HOMEE’s unparalleled network stands ready to help our customers and partners bounce back from these unprecedented events.”
CEO Doug Schaedler shared his enthusiasm for the new partnerships and the technological strides being made at HOMEE, “We’re thrilled to have W.R. Berkley Corporation as both an investor and strategic partner. They will bring significant value to our shareholders, and we’re excited to have Michael Nannizzi join our Board of Directors.
“Our AI-driven Smart-Claim technology continues to expand the scale for our business while delivering higher claim repair quality and cycle times for both the carrier and policyholder. Our technology automatically matches the right claim with the right service repair professional within minutes, driving an elevated policyholder experience. For the third quarter of 2024, 9 out of 10 claim assignments were successfully matched to a service repair professional in under 3-minutes.”
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