Snapsheet, a U.S. Insurtech company specializing in solutions for the virtualization of indemnification practices, announced it raised $29 million a few weeks ago through a round of E-series financing led by Tola Capital, VC focused on enterprise software investments. The financing round, in addition to Liberty Mutual Strategic Ventures, F-Prime Capital, OCA Ventures and an affiliate of USAA who had already participated in previous rounds, also saw the participation of new investors, including Nationwide, Sedgwick and State Auto Labs.
What Snapsheet does and why it appeals to investors
Snapsheet is a Chicago-based company that provides insurers with a service that allows clients to digitally report claims. He’s processed over $2.5 billion in claims. It is no coincidence that the British consultancy Oxbow Partners, which selected the 25 emerging insurtech startups with the greatest potential in relation to the impact on the insurance market and the scalability of the project (here you can read the full report), has included it in the ranking. For 2019 the project of the startup is to internationalize the platform.
“Snapsheet – explained the founder and CEO of the company, Brad Weisberg – has digitized the entire claims process. And in recent years we have improved our cloud solutions for claims management and analytics, not only for the auto segment but for all non-life businesses. And it was the claims and compensation management software, already used in Ireland by Zurich, that attracted investors during the last round of financing. Because, Weisberg goes on to explain, “we’ve helped drive a data-driven digital revolution that is transforming the way our customers interact with theirs and investors across the automatic compensation ecosystem. And now we are accelerating and expanding our technology”.
And, thanks to the funding obtained in the last round, Snapsheet will be able to accelerate the delivery of its Saas (Software as a service) platform for end-to-end claims management, but also to further invest in advanced data analysis and expand the team that follows clients globally.
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