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TowerIQ raises $2m in seed funding

Published 17 July 2018

TowerIQ, a market neutral communication platform for insurance industry, has raised $2m in seed funding.

The round was led by Hyperplane Venture Capital, and includes additional investments from Vestigo Ventures and Clocktower Ventures.

TowerIQ partners with insurance brokers, agents and carriers to provide policy holders with a modern, digital experience. The TowerIQ platform allows agencies and brokers to facilitate user-friendly and compliant communications from application to binding of an insurance policy.

Alongside the fundraise, the company also announced the hiring of former Plastiq chief technology officer, Michail Medvinsky. Michail brings deep enterprise technology experience, having previously been Software Development vice president at Fidelity and Senior Technologist at MineralTree. The addition of Michail will allow TowerIQ to accelerate machine learning applications, advanced analytics and business intelligence products designed specifically for the insurance industry.

Currently, the commercial insurance market is opaque. Collecting, organizing and managing actionable data remains an impossible undertaking for brokers and carriers alike. Large institutional brokerages struggle to provide the expected client experience due to legacy systems that are disaggregated and cumbersome. These systems drain valuable time and capital that should be allocated to revenue growth.

TowerIQ CEO Adam Demos said: “Delivering powerful insight and analytics for insurance markets starts with clean reliable data. At TowerIQ we’re solving the most fundamental issues from the ground up, our partners can expect to uncover new growth opportunities, daily.”

TowerIQ seamlessly brings clients from application to binding by augmenting broker expertise with a low touch technology platform that distributes ingestible data directly to carriers. This frees brokers and agents to focus their efforts on solving the business challenges facing their clients, allowing them and their firms to win more business and improve client retention.

CNA former chief information officer Raymond Oral said: “Streamlining communications between brokers and carriers has always been a challenge. TowerIQ provides easy to understand policies, and industry leading connectivity.”

Source: Company Press Release