Marble Secures $2.5M in Seed Round Funding, Launches First Digital Wallet and Rewards for Insurance
- Marble introduces the first insurance loyalty platform where members can earn as much as 5% of the value of their insurance premium in rewards;
- There's no cost to become a Marble member, and set up is easy: upload your insurance declarations page, link your account, and start earning rewards on your insurance premium payments;
- Marble can link any personal insurance payment or provider to the platform.
NEW YORK, Feb. 10, 2021 /PRNewswire/ -- Marble, the first digital wallet and loyalty platform for insurance, today announced $2.5 million in seed round funding. Marble's investors include IA Capital Group, MS&AD Ventures, Reciprocal Ventures, Fintech Ventures Fund, The Takoma Group, and HU Investments.
Marble, founded and launched in private beta in 2020, acts as a one-hub, digital wallet where customers can seamlessly manage all of their personal insurance details and payments. Marble is also the first and only platform that allows you to earn rewards on your insurance, which you can redeem in a variety of ways, including towards premium payments.
"Marble is the first truly transformative insurtech product in a long time. We provide a simple, personalized wallet for our members to take control of all of their insurance — and earn rewards while doing it," said Stuart Winchester, founder & CEO at Marble. "The vast majority of insurtech investment over the last decade has been in technology that sells more insurance, faster. Meanwhile, insurance companies continue to spend billions on advertising to attract customers that they will only engage with once a year. Marble's insurance partners leverage our API-powered tech to offer precise rewards tailored to their customers – who stay engaged through rewards and notifications, as well as the ability to bundle, compare, and keep track of all of their policies at a glance. All of this dramatically increases the likelihood of engagement and renewal."
"Marble is the most engaging and literally rewarding way for the 92% of Americans1 who are insurance customers to deal with their insurance and insurance companies. We'll also soon have incredible tools that will allow agents and brokers to engage, retain, and acquire business," Stuart continued. "This investment sets Marble up to grow our team, commit to new partner integrations, and finally start realizing insurtech's promise as a movement that can actually make people feel good about their insurance."
"Marble is a win-win for customers and insurers. Customers are demanding a better way to manage their disparate policies and accounts. Insurers want a better way to engage with customers. Both would rather have insurers spend billions of dollars less on advertising, and have Marble give those billions of dollars back to the customer," said Andrew Lerner, the Managing Partner of IA Capital Group. "As the longest tenured and most experienced venture capital firm predominantly focused on insurtech, IA Capital couldn't be more pleased to have incubated and invested in Marble, an ambitious insurtech company that has the potential to uniquely disrupt all personal lines of insurance."
Tiffine Wang, Partner at MS&AD Ventures, said, "We really love what the team is building at Marble. Marble is giving power and transparency back to consumers, along with rewards. It's creating a brand new experience for the next generation of insurance policy holders. MS&AD Ventures is excited to be part of the journey as Marble scales and grows its world-class fintech team."
Marble is currently in beta and plans to open its platform to any U.S. personal policy holder in March 2021.
About Marble
If you have insurance, you need Marble. Founded in 2020, Marble is a one-hub, digital wallet that allows members to shop, compare, explore, pay, and - for the first time ever - earn rewards on their insurance premium payments. There's no cost to join. Marble members are insured by the nation's largest insurance agencies and can link their healthcare, automotive, home, renters, pet, or any other type of personal insurance. Marble is proudly based in New York, New York. For more information or to sign up for the waitlist, go to MarblePay.com. Follow us on Twitter @JoinMarble.
Citation:
1. United States Census Bureau (September 15, 2020). Health Insurance Coverage in the United States: 2019. URL reference: https://www.census.gov/library/publications/2020/demo/p60-271.html
SOURCE Marble
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