Insurtech Firm To Expand Beyond Gig Economy
INSHUR Fuels Growth Plans With $35m Funding Led By JVP, Viola Fintech and MTech Capital
INSHUR, a leading global Insurtech firm carving out a name for itself in commercial insurance, today announced completion of additional Series B funding, led by JVP with participation from Viola Fintech, MTech Capital and other existing investors. The new funding takes the total raised to $35 million (£25m).
Founded in New York in 2017, INSHUR recognized that too many businesses born into the digital world were being ineffectively served by an analog industry, consistently providing poor customer service. INSHUR set out to change that by harnessing rich data to transform rideshare* insurance, initially for New York’s UBER drivers.
The new funding will fuel INSHUR’s ambitious global growth plans, enabling it to invest in technology, recruit the best people, and bring new Insurtech product lines to an expanded market, which includes other firms that operate commercial vehicles.
Rather than use a broker and fill out numerous forms, customers simply scan their professional license using the INSHUR app which automatically retrieves and processes the relevant pricing data to get their insurance coverage in minutes rather than wait days to start driving and earning.
INSHUR expanded to the United Kingdom and the Netherlands and is now rolling out new products for delivery and courier drivers. The firm currently has a team of over 100 based in New York, Brighton (UK) and Amsterdam.
Despite a global market size thought to be in excess of $1 trillion, commercial insurance has often been ignored, with many firms focussing on direct-to-consumer personal lines markets. However, as the world becomes increasingly more digital, business owners rightly expect an efficient and convenient experience.
Commenting on the new funding round, Dan Bratshpis, INSHUR CEO and Co-Founder, said: “We are excited to have JVP on board as a partner. We share the same vision that a new breed of insurance company is required to support businesses in a fast-changing economy. JVP has the experience and resources we need to accelerate our growth plans, expand our proposition, and delight more customers”
“Commercial insurance hasn’t evolved much in the recent past. Distribution is mostly analog, pricing models are woefully outdated, and the processes are time-sucking and inconvenient. We’re here to shake things up. There is a real opportunity to leverage new technology and data to re-invent insurance and make it truly fit the way modern businesses operate.”
“INSHUR is leading an insurance revolution in the new economy, based on mobility, drivers and business owners who want to take fate into their own hands,” says Erel Margalit, JVP Chairman and Founder. “Whether you are an Uber driver, a locksmith or a courier who takes care of delivering Amazon’s packages to the customer’s home, you need new and dynamic insurance that will allow you to take control of your destiny and your business. INSHUR is enabling this new economy of small businesses to thrive, with operations in both the US and Europe. We are excited about the opportunity to work with Dan, David and the team to accelerate INSHUR’s development into a global category leader in commercial insurance.”