Only a few weeks after finalizing its Series A-2 funding round of almost $3.8 million from 10 different investors, Insurtech Synchrono Group Inc., which offers services under a trademarked brand called SynchronoSure, is introducing another product, company Chief Executive and Chair Steve Hartmank reveals.
In an interview with WRAP TechWire, Steve noted that their company has been built at the convergence of innovative tech, algorithmic use of data/information, as well talented underwriting specialists.
The firm’s official website explains that its proprietary tech enables them to quote the majority of risks within minutes instead of taking several business days.
Hartman further revealed that they acquired additional funding to support their ongoing growth and expansion efforts. He pointed out that the proceeds would be channeled towards driving “pent up growth” resulting from the COVID-19 crisis.
The insurance technology firm’s recent investment round was reportedly led by Miami’s 777 Partners. The Insurtech had previously acquired $2.8 million in capital in 2019 and over $2.6 million in funding last year (as confirmed in its SEC filings). So far, the company has only raised funds via equity rounds, Hartman stated.
The firm provides property casualty and workers compensation insurance, with a key focus on the small business sector. The firm’s newest product offers capacity for limits “up to $5 million per occurrence” for companies with attachment points between $1 million primary and $6 million “from ground up.”
Synchrono Group will be recruiting more staff members to support its business operations. Hartman also revealed that the Insurtech will launch its fourth product in the coming months and also a fifth product in October of this year.
It’s worth noting that the Insurtech firm is hiring globally even though it is based in Raleigh.
Hartman added that as a digital-first, Cloud-powered solution provider, they are not too concerned about where their employees are actually based and that if they find the right professional for the job, then they are more than happy to work with them, regardless of where they’re based.
The firm intends to add around 35 new workers by the end of 2021. They are looking for marketing, underwriting, and finance professionals.