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/
SOURCE Boost Insurance