HomeBusinessInsurance Company Sure raises $100M at a $550M valuation

Insurance Company Sure raises $100M at a $550M valuation

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An insurance infrastructure company, Sure, has now made an announcement. As per surveys, it has closed on $100 million in Series C funding at around $550 million valuation.

New York-based Declaration Partners & European growth investor Kinnevik is the co-finance partner to lead this decision. It has included participation from the existing backers and WndrCo W. R. Berkley * Menlo Ventures. This round brings the total of Santa Monica-based startups to around $123.1 since its advent in 2015.

The insurance infrastructure startup also launched its first product in 2016 and now counts traditional financial solutions &fintech companies alike amongst its customers. The customers are Chubb, Carvana, Intuit, farmers Insurance, Revolut, Betterment, several automotive manufacturers, and the most prominent global credit card network. They provide insurance programs designed on the infrastructure of Sure.

Sure wouldn’t disclose revenue figures. However, it has been profitable ever since 2019. Its co-founder and CEO Wayne Slavin states that the ARR or annual recurring revenue has emerged over three times yearly over some yesteryears.

To conclude, Sure states that it has created a technology infrastructure to modernize the whole insurance process. Doing so allows it to stay embedded into the consumer experience. In simpler words, Sure’s infrastructure may benefit companies by selling insurance directly to consumers within milliseconds.

The company also claims through the entire digital experience doesn’t involve human error and is completely paperless.

According to Slavin, the company is a pioneer when it comes to embedded insurance. Embedded insurance refers to insurance integrated into a brand’s existing digital products around different industries.

That might range from the vehicle insurance included in an online purchase of the new electric vehicle or purchasing a used car. Or take the example of purchasing business insurance while initiating an establishment’s bank account.

Using APIs will only allow organizations to go to the market with a more innovative insurance product that offers a simpler, cheaper, and faster approach when compared to any other method.

What Sure does is differentiate into three pillars that may matter to the customers. The first one is the tried & tested technology infrastructure. The second one is the speed to market. The last pillar is the ability to provide a completely embedded customer experience.

Like any legacy industry getting disrupted, there will be players who try to ride the ‘embedded’ wave by rebranding the 1.0 experience with the fancy new name. Decent embedded insurance experiences are unique. They are pioneered by Sure as they are built from the ground up in order to fulfill the end-to-end transaction in an embedded channel.

The company now wishes to use the new capital from the growth round to accelerate global expansion. In addition, it also intends to accelerate new product launches, thereby continuing to streamline embedded insurance UX or customer experience. Kinnevik’s Ola Nordbye stated that some of the portfolio companies use Sure. And appreciate how Sure enables an improved UX while unlocking a massive untapped profit pool for brands that have acquired the consumer base. What’s unique is that they can deliver holistic offeringsmore speedily.

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