Brighton-based on-demand insurance provider INSHUR (with its HQ in New York) has raised $19 million in funding. The round was led by Viola Growth, with the participation of MS&AD Ventures and existing investors. This brings the total funding raised by the company to $78.5 million, including the $26 million it secured last year.
The insurtech focuses on providing digital insurance solutions, particularly for rideshare drivers (such as those working with Uber), commercial vehicle operators, and gig economy workers like couriers.
Expansion in commercial insurtech space
Initially serving rideshare drivers in New York, Inshur has since expanded to the UK and the Netherlands. The latest investment will help the company strengthen its market position across the US and Europe to continue building on a momentum driven in 2023, including 4x growth through its acquisition of American Business Insurance Services (ABI) and partnerships with on-demand economy platforms, including Uber and Amazon Flex.
Natalie Refuah, General Partner at Viola Growth said: “Despite challenges faced by certain areas of Insurtech in recent years, companies that focused on specialized insurance and demonstrated excellence in technology, operations, and financial performance have managed to scale rapidly and outperform incumbent insurers. INSHUR, with its unique and innovative approach to on-demand economy drivers’ insurance – an embedded solution featuring cutting-edge technology and deep insurance expertise – has gained a leading market position and impressive revenue growth. We are excited to join the journey!”
Elias Davis, Partner at MS&AD Ventures, said: “INSHUR’s deep expertise in both insurance and technology has enabled them to successfully modernize global insurance solutions for the fast-growing on-demand economy. Coupled with their platform partnerships, INSHUR is a valuable addition to our portfolio and we are looking forward to supporting their growth.”
New appointments
In addition to the investment, Natalie Refuah, General Partner at Viola Growth, joined the INSHUR’s board of directors as its nominated Chairperson, bringing a wealth of experience helping visionary founders and entrepreneurs to build and scale significant global category leaders.
The company also welcomed Bill Walrath as its Director of US Markets. As an industry veteran with over two decades of insurance leadership experience, Walrath will lead US insurance business operations for INSHUR, including reinsurance and carrier management. Walrath previously served as the Head MGA/Reinsurance with Gateway, where he led the efforts to manage the program’s growth and profit initiatives along with the successful placement of the reinsurance portfolio.
Prioritises driver insurance
Founded in 2016 by Dan Bratshpis and David Daiches, INSHUR specialises in providing a range of commercial auto insurance products tailored to the needs of drivers in the gig economy, including ride-share, taxi, and delivery drivers. Its user-friendly digital platform allows customers to obtain quotes, purchase policies, and manage their coverage with ease.
The data-driven approach enables them to offer competitive pricing and personalised coverage options. By leveraging technology, INSHUR aims to simplify the insurance process and provide reliable protection for drivers in the ever-evolving transportation industry.
Dan Bratshpis, CEO and Co-Founder at INSHUR, commented: “The future is on-demand. In just a few years, the way we access services like taxis and the way we purchase our groceries and pizzas has changed forever. In fact, our report found that nearly half of on-demand drivers had doubled their hours in 12 months. As the on-demand economy gains momentum around the world, it’s our mission to support the world’s biggest platform and insurance partners in ensuring that insurance coverage is fair and accessible for on-demand economy drivers.”
Integration with partners
With offices in the US, the UK, and the Netherlands, INSHUR provides embedded insurance solutions and complementary technology integrations for digital platform providers such as Uber and Amazon. It is constantly adding to its growing list of platform partners who recognise and value INSHUR for its seamless integration abilities and smooth customer onboarding and relationship management.
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