Embroker, $12 million for the startup that sells insurance policies for SMEs

Founded in 2015 in San Francisco, the company is at its second round of funding. Its data driven platform with a proprietary technology, offers solutions for the risk management of companies in a simple, fast and transparent way

Published on 15 Jun 2016

Clarity, simplicity, transparency and cloud: these are the keywords for the business of the lastinsurance tech startup, which raised huge amounts of venture capitals in US, more precisely 12.2 million dollars. Its name is Embroker, headquartered in San Francisco, founded in 2015 with a 24-person team, thanks to a previous investment worth 2.2 million dollars.

The startup is targeted to the business sector, in particular to SMEs, (a market worth about 300 billion US dollars) with a platform for risk management and insurance, through a data-driven process, simple and transparent, so as to enable the company to enter into the most suitable insurance policies to their needs at the best price. The comparison service also shows what is purchased by competitor (to bring out their risk management policy), suggesting (on the basis of the data collected) new services. The platform is designed to allow the customer / company to handle claims, and to turn insurance into a lever for the welfare and the business of the company or activity.

Overcoming, at least in part also the role of traditional broker, whose transformation we have emphasized in another article.

The Embroker asset is especially the proprietary technology on which is built the platform, able to perform the analysis and risk management and make predictive analyzes. The startup works as a broker and has already signed partnerships with 10 leading carriers across 50 US states.

The question that arises is: how much does the subscription to the platform cost?

The answer is: zero.

The business model of the company plans to offer the use of the platform to the SMEs free of charge, and charge commissions on policies taken out by the carrier. It does not work with brokers. Below an excerpt from their website

“This industry needs more transparency and now it is possible to use the technology to achieve this goal”, said Matt Miller, founder and CEO. “Get the best insurance coverage at the right price is critical to any company but, until now, everyone from the big ones to the smallest have relied on traditional insurance broker and outdated manual processes, which make the decision-making process, very critical. Bringing clarity and simplicity in what is traditionally a dull and painful process, we are enabling entrepreneurs to look to insurance and risk management as tools for growth, rather than a barrier. “

It is not the first startup insurance to move in this direction: for example PolicyGenius oriented consumer market has collected a few months ago $ 21 million; or Insurify, which is oriented on Millennials with a fully mobile process.

Below is the video in which the founder and CEO Matt Miller explains what Embroker does and why it is so innovative.

Introduction to Embroker

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