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Insurtech startup SURE raises $8m in funding

Published 15 June 2017

SURE, the insurtech startup that provides on-demand personal insurance through an app, has closed an $8m Series A funding round led by IA Capital with participation from Menlo Ventures, FF Venture Capital, Nationwide Ventures, Assurant and AmTrust.

The company also announced the launch of a first-of-its-kind Smartphone Protection product, which marks the sixth insurance category SURE offers consumers nationwide.

SURE's new Smartphone Protection product can be purchased anytime during a mobile phone's lifetime, as long as the phone is in good condition. To test the health of a phone before approving a policy, SURE designed patent-pending technology that allows the company to run diagnostics virtually.

The simple test takes a user under one minute. SURE's flexible and affordable policy is unlike any other insurance product on the market, particularly those offered by AppleCare and mobile network operators like Verizon, AT&T, and T-Mobile. The smartphone product is in partnership with Warrantech, a subsidiary of AmTrust Financial Services.

"SURE is fundamentally improving the insurance industry and making it digital through mobile tech, AI, and advanced data analytics, via our complete carrier platform in partnership with insurance companies," said Wayne Slavin, founder and chief executive officer, SURE. "Unlike any 'disruptors' in this industry, we take a contrarian approach. The existing insurance industry is strong, and SURE is making it stronger with enhancements to the distribution, administration, and claims process using technology."

"SURE offers best-in-class technology for insurance companies seeking to modernize their distribution strategy," said Alex Maffeo, Principal, IA Capital. "Consumer purchasing behavior in the insurance industry is changing rapidly and SURE offers a turn-key mobile distribution solution for its customers. We are extremely excited about the company's future - Wayne and his team are doing big things."

The insurance industry as it exists today will not look the same over the next decade. Brokers and agents are 59-years-old, on average, and 400,000 are expected to retire in the next five years. SURE has modernized the $5 trillion insurance industry by partnering with major insurance companies such as Nationwide, CHUBB, Marsh and Guy Carpenter. Since launching in January of 2016, SURE has sold over 20,000 policies. SURE now offers six different types of personal insurance categories: flight, baggage, renters, pet, wedding and smartphone insurance.

The funding will enable the company to continue product development, drive user acquisition, boost marketing initiatives and bolster the team with new hires.



Source: Company Press Release