Insify, a startup that provides business insurance via software-as-a-service (SaaS), has secured $107 Million in Series C funding round.
Accel led the round, joined by existing investors General Catalyst, Thrive Capital and Two Sigma Ventures. With this additional funding Insify’s total raised stands at over $150 Million.
Insify’s platform utilizes artificial intelligence (AI) and machine learning (ML) technologies to assist businesses in finding appropriate insurance coverage at a competitive price, as well as providing tools that allow them to manage both policies and claims efficiently.
The company plans to utilize this funding in order to increase team growth, create innovative products, and enter new markets.
“We’re delighted to partner with Accel to accelerate our growth and build the best insurance platform for businesses of all sizes,” stated Insify CEO and co-founder Andrew Beshel. “AI and machine learning technologies will revolutionize insurance coverage options at an affordable price point for our customers.”
Insify’s platform is currently available in both the United States and Canada, with plans to expand further over time.
This funding round comes at a time when the insurance industry is experiencing digital disruption. Insify is just one of many startups using AI and machine learning technology to disrupt this sector of industry.
The company’s platform could make it simpler and more cost-effective for businesses to access insurance coverage they require, leading to greater competition within the insurance sector and ultimately providing consumers with additional value.
Here are some of the key features of Insify’s platform:
- AI-Powered Underwriting: Insify leverages AI to assess risk and price insurance policies at competitive prices, giving businesses access to comprehensive protection at an economical rate.
- Self-Service Tools: Insify provides businesses with self-service tools to manage their insurance policies and claims efficiently, saving both time and money in the process.
- Data-Driven Insights: Insify provides businesses with data-driven insights to manage their risks more effectively, so that they can make smarter decisions regarding insurance coverage.
Insify’s platform is an invaluable asset to businesses of all sizes. Not only can it assist them with getting insurance at a competitive price, but it can also save both time and money with self-service tools that offer self-serve capabilities as well as data-driven insights.