Bunker, a California-based insurtech startup, announced last week it has formed a partnership with Chubb Insurance to accelerate new insurance product development. According to Bunker, this new collaboration leverages Chubb’s strength as a large publicly-traded property-casualty insurer, along with Bunker’s technology platform. Speaking about the partnership, Chad Nitschke, Co-Founder and CEO of Bunker, stated:
“We’re thrilled to be working with Chubb, adding them as one of our key insurance partners, continuing our mission of eliminating insurance as a barrier to the Future of Work. We launched the first usage-based business insurance product with Chubb last year, and for the first time an independent professional can purchase project specific general and professional liability and secure proof in two minutes on our platform. The product is live in 43 states, we’ve experienced triple digit policy growth, and over ten Future of Work platforms have signed on as new Bunker Members. We’re ambitiously carrying this innovation forward and accelerating our product roadmap by building additional technology features and unique insurance products tailored to this rapidly growing part of our economy.”
Bunker added as part of the partnership, Chubb made a minority investment in Bunker. The startup previously raised $8 million from Comcast Ventures, Route 66 Ventures, and Spero Ventures along with insurers American Family Ventures and Hiscox.
Founded in 2015, Bunker describes itself as a technology platform that automates insurance certificate tracking, in addition to a licensed digital broker that delivers the exact insurance a small business or freelancer needs, at the moment they need it.