Marble, a digital wallet and loyalty platform for insurance, has closed its seed round on $2.5m.
The company’s investors include IA Capital, MS&AD Ventures, Reciprocal Ventures, Fintech Ventures Fund, The Takoma Group and HU Investments.
This equity will be used to increase the company’s team size, form new partner integrations and furthering its goal of helping consumers “feel good about their insurance.”
Marble was founded and launched in private beta in 2020. The platform provides users with a digital wallet where they can manage their personal insurance details and payments. It claims to be the first and only platform that enables users to earn rewards on insurance, which can be redeemed for numerous options, including towards premium payments.
Marble founder and CEO Stuart Winchester said, “The vast majority of InsurTech investment over the last decade has been in technology that sells more insurance, faster. Meanwhile, insurance companies continue to spend billions on advertising to attract customers that they will only engage with once a year.
“Marble’s insurance partners leverage our API-powered tech to offer precise rewards tailored to their customers – who stay engaged through rewards and notifications, as well as the ability to bundle, compare, and keep track of all of their policies at a glance. All of this dramatically increases the likelihood of engagement and renewal.”
The company hopes to open the platform to any US personal policy holder in March 2021.
IA Capital Group managing partner Andrew Lerner said, “Marble is a win-win for customers and insurers. Customers are demanding a better way to manage their disparate policies and accounts. Insurers want a better way to engage with customers. Both would rather have insurers spend billions of dollars less on advertising, and have Marble give those billions of dollars back to the customer.”
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