Insurtech startup SURE secures additional $12.5 million in Series B to make it possible for anyone to purchase on-demand insurance with a smartphone
SURE, an insurtech startup and the developer of the world’s first on-demand insurance app powered by artificial intelligence, announced today it has raised additional $12.5 million in a Series B funding. The round was led by W. R. Berkley Corporation, an insurance holding company that is among the largest specialty commercial writers in the United States and operates worldwide in the property casualty insurance business. The round brings the total funding to date to more than $23.1 million.
The new funding will enable the company to scale the SURE app (consumer product), the SURE Platform (for global consumer brands and carriers), and SURE Connect (for affinity programs, eCommerce and Fintech partners). Additionally, the fundraise will further accelerate the growth and continued technological development of SURE’s technology, APIs and Insurance-as-a-Service solution.
Founded in 2014 by Wayne Slavin, SURE is a mobile app that allows individuals to purchase insurance when you want it, and where you want it. SURE revolutionized insurance in 2015 with the introduction of Episodic Insurance™, making it possible for anyone to purchase on-demand insurance with a smartphone.
Today, SURE provides the tools that power global insurance companies and consumer brands to distribute and service any insurance policy digitally. This cohesive ecosystem of managed technology, insurance products, APIs, and Insurance-as-a-Service helps insurance companies and brands manage digital sales, launch new markets, and modernize their systems. SURE has offices in Santa Monica, New York City, Tel Aviv, and Johannesburg, is licensed in all 50 states, and partners with more than 35 global insurance carriers.
Now backed by more than $23.1M in funding to date and listed as one of CNBC’s 100 startups to watch, SURE is the leading global insurtech platform modernizing the $5 trillion insurance industry. Through its partnerships with the world’s top insurance carriers, SURE offers dozens of insurance products through its digital platform crossing both novel coverages like rideshare and mobility insurance and more traditional P&C, A&H, and Commercial coverages like renters, travel, rental car, individual items, smartphones, and commercial BOP and liability.
“SURE powers insurance programs for carriers and global consumer brands through our focus on creating innovative insurance experiences and delivering an end-to-end solution” said Wayne Slavin, co-founder and chief executive officer, SURE. “The funding by W. R. Berkley Corporation is a testament to our skill and overall ability to create value for insurers and customers unlike anyone else.”
SURE’s Platform is designed from the ground up to meet demands of leading insurance carriers and global consumer brands by providing a turn-key solution to distribute new insurance products and modernize existing ones digitally.
“We’ve been providing insurance solutions for over half a century, through more than 50 Berkley companies, with deep expertise in a specific industry, product line, or geographic niche,” said Michael Nannizzi, director of investments, W. R. Berkley Corporation. “SURE’s best in class technology platform is modernizing the way insurers offer insurance and the way consumers access it. We’re excited to both lead this funding round and to partner with SURE to develop innovative digital solutions to better serve our customers.”
SURE is backed by notable players across the investor spectrum. Through its investment, W. R. Berkley Corporation joins a diverse and elite investor group, including traditional VCs and insurance industry strategic investors.