SURE, an insurtech startup that offers on-demand personal insurance via an app, has closed an $8 million Series A funding round led by with participation from Menlo Ventures, FF Venture Capital, Nationwide Ventures, Assurant and AmTrust. The NYC and LA-based company also launched a Smartphone Protection product, the sixth insurance category SURE offers US consumers. The funding will enable SURE to continue product development, drive user acquisition, boost marketing initiatives and bolster the team with new hires.
“SURE is fundamentally improving the insurance industry and making it digital through mobile tech, AI, and advanced data analytics, via our complete carrier platform in partnership with insurance companies,” stated SURE Founder and CEO Wayne Slavin. “Unlike any ‘disruptors’ in this industry, we take a contrarian approach. The existing insurance industry is strong, and SURE is making it stronger with enhancements to the distribution, administration, and claims process using technology.”
SURE’s new Smartphone Protection product can be purchased anytime during a mobile phone’s lifetime, as long as the phone is in good condition. To test the health of a phone before approving a policy, SURE designed patent-pending technology that virtually run diagnostics in under one minute. The smartphone product is partnership with Warrantech, a subsidiary of AmTrust Financial Services.
“SURE offers best-in-class technology for insurance companies seeking to modernize their distribution strategy,” noted IA Capital Principal Alex Maffeo. “Consumer purchasing behavior in the insurance industry is changing rapidly and SURE offers a turn-key mobile distribution solution for its customers. We are extremely excited about the company’s future – Wayne and his team are doing big things.”
The insurance industry as it exists today will not look the same over the next decade, averred SURE. Brokers and agents are on-average 59 years old; 400,000 brokers are expected to retire within the next five years. SURE aims to modernize the $5 trillion insurance industry and has partnered with key players in the insurance sector including Nationwide, CHUBB, Marsh and Guy Carpenter. Since launching in January of 2016, SURE has sold over 20,000 policies and now offers six different types of personal insurance categories: flight, baggage, renters, pet, wedding and smartphone insurance.