NEW YORK, Feb. 5, 2020 /PRNewswire/ -- Today, Boost
Insurance ("Boost") announced a $14
million Series A round of financing to expand
its cutting edge infrastructure-as-a-service (IaaS) platform
that is transforming the insurance industry. The round was
co-led by Coatue and Greycroft, with participation from Tusk
Venture Partners, Conversion Capital, and MetLife Chairman
Glenn Hubbard. Existing investors
Norwest Venture Partners and IA Capital Group also
participated. The investment brings Boost's total funding to
$17 million and will be used to
launch new business lines and expand its API
services.
Boost makes it simple for companies in any category - from
leading technology brands to insurtech startups - to offer
white-labeled digital insurance solutions to their customers.
Boost's partners can be live in a fraction of the time it takes
with traditional insurance companies - which typically take 12-48
months to launch a new program. Its tech-forward and data-driven
approach make it the ideal platform to create innovative insurance
products for the applications that better serve the modern
consumer.
Following its recently launched security deposit replacement
program with LeaseLock and its SMB commercial cyber insurance
program with Cowbell Cyber, Boost today announced the rollout
of several new data-driven products that will be offered through a
host of innovative distribution partners in 2020, including:
- Startup-Focused Management Liability: the most
affordable commercial insurance option for venture-backed startups,
which traditionally lack the financial or operating history to
qualify for coverage.
- Parental Leave Employer Protection: a groundbreaking
financial coverage option for employers, so they can offer new
parents impactful time off to spend with their families.
- Pet Insurance: modular health and wellness protection
for pets, so it can be offered as part of a subscription service or
as a standalone product through a fully digital user
experience.
- Identity Theft Protection: consumer protection against
the threat of stolen identity and fraudulent transactions, offered
by the digital brands that they engage with every day.
Boost's fully compliant IaaS platform comes equipped with the
end-to-end insurance infrastructure that is challenging and
cost-prohibitive for companies to build in-house. This includes
data-driven insurance product development, appointment by an
'A'-rated insurance carrier, and dedicated risk capacity backed by
global reinsurers. Available through a simple API integration,
Boost also enables automated claims administration, compliance, and
sophisticated data analytics for its distribution partners.
"The P&C insurance industry is a $600
billion a year growing market. Boost is uniquely positioned
to provide the infrastructure for modern insurance products to be
offered by digital innovators across any industry," said
Alex Maffeo, CEO and founder of
Boost. "We are grateful to partner with this incredible group of
investors. Their backing validates the progress we have made
towards powering an insurance ecosystem for the modern world."
"Insurance is a natural adjacency that so many companies have
the potential to expand into - but building into the vertical
can take years. Boost is carving out a new insurtech opportunity by
providing the insurance infrastructure needed for brands to bundle
insurance offerings and ultimately add more value to their customer
bases," said Ellie Wheeler, Partner
at Greycroft. "Boost has applied its expertise in both insurance
and technology to build that foundation for the entire marketplace,
and we believe it will transform the way insurance is bought and
sold in this tech-enabled world."
"Coatue invested in Boost because of the momentum they've
created across the insurance ecosystem via its simple, API-driven
insurance solution," said Bennett
Siegel, Partner at Coatue. "Boost drastically reduces the
complexity and overhead faced in building a meaningful insurance
business - whether its partners are insurtech startups or
enterprise-level technology brands. This fundamentally changes the
way consumers interact with insurance by enabling them to purchase
it from the brands they know and trust. We're excited to
collaborate with Boost as it continues to provide the
infrastructure for the next generation of insurance."
About Boost Insurance
Boost Insurance powers white-labeled insurance programs for
leading technology companies and emerging startups, enabling them
to monetize the vertical through a simple platform solution.
Through its managing general agency subsidiary, Boost Insurance
Agency, Inc., Boost is licensed and authorized to produce any type
of insurance across all 50 states and is appointed by 'A'-rated
insurance carriers with its own dedicated risk capacity backed by
global (re)insurers including Markel Global Reinsurance Company, a
Markel Corp company (NYSE: MKL), Renaissance Re Ltd. (NYSE: RNR),
and Nephila. Its infrastructure-as-a-service product, or IaaS,
packages all the operational and compliance components needed to
execute a custom insurance program, including 'A'-rated insurance
paper, dedicated risk capacity, and claims administration – all
offered digitally through its proprietary policy administration
system APIs. For more information, please visit
https://boostinsurance.io/
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SOURCE Boost Insurance