Insurance platform INSHUR announced on Thursday that it has raised an additional Series B round of funding. The round, which brought the total funding raised to date to $35M (approx €29.55M), was led by JVP. In addition, existing investors Viola Fintech, and MTech Capital also participated in this round.
The raised capital will help the company to boost its ambitious global growth plans, enabling it to invest in technology, hire more talents, and bring new insurtech products to market.
Speaking about the funding, Dan Bratshpis, INSHUR CEO & co-founder, says, “JVP has the experience and resources we need to accelerate our growth plans, expand our proposition, and delight more customers.”
Commercial auto digital insurance
INSHUR was founded in New York in 2016 by Dan Bratshpis and David Daiches. The company recognised 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.
It claims to have built a next-generation, data-led insurance platform, designed to power and protect the new economy players in mobility, delivery and transportation.
According to co-founder Dan Bratshpis, “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 Distribution is mostly analog, pricing models are woefully outdated, and the processes are time-sucking and inconvenient.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 technology platform allows drivers to receive a quote, purchase and service an insurance policy at their convenience via their smartphone in minutes. The company is a selected insurance partner of Uber in Europe. It has harnessed data to transform commercial insurance, initially for New York’s UBER drivers. And now, tens of thousands of drivers in New York, the UK, and the Netherlands have tried INSHUR.
INSHUR mentions in a statement that it is rolling out new commercial insurance products for delivery and courier drivers. The company currently has a team of over 100 based in New York, Brighton (UK), and Amsterdam. It has a capacity partnership backed by Munich Re in the USA and the UK and WAKAM in the Netherlands.
Erel Margalit, JVP Chairman and Founder, says, “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. Whether you are an Uber driver, a locksmith or a courier, 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.”
INSHUR recent growth
In 2017, the company signed a capacity agreement with Munich Re – a German multinational insurance company, to enable the launch of INSHUR 2.0, a full digital quote, and buy mobile insurance product. Initially aimed at the 120,000 drivers in New York’s rideshare space.
In November 2018, INSHUR agreed a distribution partnership with Uber, becoming a preferred insurance partner, and launched in the UK followed by the Netherlands in 2020.
Then last year in 2020, the insurtech company evolved its underlying technology infrastructure. The new data-led insurance platform is designed to power and protect the new economy players in mobility, delivery, and transportation.