Stere, a capacity trading platform serving embedded insurance partners and MGAs, has closed a $5m funding round with Vida Capital
Stere’s digital insurance ecosystem aims to help businesses find insurance and reinsurance capacity on a local or global level through its unique trading platform.
The company also provides digital capabilities and transformation services using a library of APIs that give embedded insurance partners, InsurTech’s, MGAs and others access to potential business channels to launch insurance programmes.
Stere said its capacity selection engine improves programme administrators’ success rate by pairing human intuition with state-of-art technology. The company said it is a combination that eliminates manual capacity placement pain points and inefficient post-placement steps plaguing the industry that ends up cutting carrier and reinsurer scouting time by at least 50%.
Stere also works with reinsurers to create efficiency gains by digitising their processes and making it easier and faster to place business.
Stere said the funding will allow it to further expand its capacity trading platform, a one-stop-shop for businesses to build and launch insurance programmes with capacity partners.
Dogan Kaleli, Stere CEO and founder, said, “Vida Capital brings a tremendous amount of expertise in reinsurance, ILS and structured solutions, which supports Stere’s vision of building a trading forum of all kinds of capacity in a one-stop-shop.
“Vida’s funding will fuel further expansion of our trading platform, allowing us to continue creating the smart tech-driven solutions that our stakeholders have come to rely on to help support and grow their businesses.”
Peter Polanskyj, head of structured credit at Vida Capital, added, “We look forward to the prospect of the company offering a one-stop solution to a broad set of constituents with their capacity needs, be they traditional MGAs and brokers, InsurTech’s or embedded partners.”
Earlier this year, Stere expanded its operations to the Latin American insurance market.
Speaking at the time, Stere said it would use its new presence to serve regional embedded and affinity clients such as tech platforms, banks, online marketplaces, superapps, and member-based organisations.
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