INSHUR Raises $26M for All-In-One Insurance Platform for Ride-Sharing Drivers, Acquires American Business Insurance Services – AlleyWatch
Most major insurance companies do not allow auto insurance for individuals who use their cars for business purposes, including providing rideshare services. These hired drivers, and even fleet operators, should have dedicated commercial auto insurance to ensure they are covered. Insul is a technology-enabled platform focused on providing insurance for on-demand drivers, offering comprehensive commercial insurance plans tailored to the unique needs of the ridesharing industry. New York City drivers must be at least 24 years of age, have Uber driver login credentials (but all TLC driving is covered), and be eligible for coverage through a platform that provides 24/7 access to insurance claims. You must own a vehicle with up to 8 seats. Processing, Updates, Policy Management, Payments. Acquisition of american business insurance services INSHUR will now have locations in all 50 states and will cover more than 50,000 vehicles. The acquisition will also provide a wealth of data used to guide the development of new underwriting technologies and insurance products.
alley watch We spoke with the CEO of INSHUR Dan Bratshpith To learn more about the business, the company’s strategic plans, including acquisitions, the company’s latest funding round, which brings its total equity raised to $60.6 million, and much more…
Who are the investors and how much did you raise?
The US$26 million funding will be a Series B capital increase in June 2021. This was backed by existing investors including: JVP, Munich Re Ventures, Viola Fintech and M Tech Capitalis also a strategic investor who wishes to remain anonymous at this stage.
Please tell us about the products and services provided by INSHUR.
INSHUR is a fast-growing global provider of insurance for the on-demand driver economy, working with platform providers such as Uber and Amazon to offer embedded insurance solutions and complementary technology integrations. INSHUR meets the diverse insurance and protection needs of on-demand workers through data, technology and in-house expertise. Also, thanks to its unrivaled underwriting capabilities and superior claims processing, INSHUR offers a personalized product suite that protects the health of its customers, provides flexible coverage and protection that adapts to their jobs, and Help employees stay out.
What made you start INSHUR?
I was born in Moscow and moved to the US with my family in the 1980s as a child. My family made a living driving taxis in New Jersey. After graduating from Cornell University, he learned the technical fundamentals of building algorithms for hedge funds at Merrill Lynch.
By the time I entered the insurance industry, on-demand platforms like Uber and Lyft were beginning to dominate the ridesharing industry, but the insurance industry hadn’t kept up with the needs of this new class of professional drivers. Due to my family background, I felt a personal connection to these drivers and wanted to help revolutionize the way they access insurance. And we knew technology was the key. I spent some time talking about the pain points taxi drivers face when it comes to purchasing and managing insurance, and validated his idea for INSHUR, which launched in early 2016.
How is INSHUR different?
INSHUR puts financial well-being at the center of everything it does, and its unique use of performance-based appraisals instantly removes some of the biases associated with location, age and gender, making it an on-demand employee provide the best compensation for employees. INSHUR is now Uber’s preferred driver insurance provider and joins the list of platform partners who evaluate and evaluate INSHUR’s seamless integration capabilities and smooth customer onboarding and relationship management. We continue to build an award-winning and diverse team with exceptional expertise bridging both insurance and technology, which is InsurTech’s best kept secret.
What market is INSHUR targeting and how big is it?
The global gig economy was worth about $204 billion in 2018 and is expected to reach at least $455 billion by 2023. On-demand platforms, including Uber and Amazon, are driving hockey stick growth worldwide, projected to reach $250 billion by 2025.
For workers on these platforms, premiums could account for about 25% of their income, and by 2025, premiums for both delivery and mobility platforms will grow from $17.5 billion in 2022 to $3 billion. expected to reach the dollar. INSHUR helps drivers find what costs them the most. – Providing the most effective and safest premiums to suit their lifestyle and driving schedule, providing them and a platform for them to drive with peace of mind.
What is your business model?
INSHUR provides insurance directly to on-demand drivers through the INSHUR website and partner platforms and apps as embedded products.
By embedding our insurance into partner platforms, you will have access to data that will allow us to dynamically offer you the best products based on your individual needs and lifestyle. This means that the application process is not only highly efficient and affordable for drivers, but also beneficial for capacity his partners.
How are you preparing for a potential economic slowdown?
The insurance industry is in recession. With the economy slowing and unemployment rising, on-demand driving is becoming more popular as a means of earning a living. Our ability to generate consistently strong underwriting profits means INSHUR is well-positioned to grow in a challenging economic environment and support those looking to protect their income.
What was the fundraising process like?
The current funding environment is certainly competitive, but as a company, we have always focused on driving a path to efficient growth and profitability while balancing unit economics and reducing loss rates. I was. So I was in a strong position to have productive conversations. .
What was the biggest challenge you faced while fundraising?
“Insurtech” has become a dirty word in some circles in recent years, as early players focused less on commercial success and underwriting ability. We believe that InsurTech can be a force for good, helping transform outdated processes plaguing the insurance industry, resulting in better returns and more cost-effective premiums for end users. I’m here. At INSHUR, we are working hard to be part of that change and faced the challenge of proving it to our investor community during this round of funding.
What factors about your business made investors write checks?
We are fortunate to have the backing of a very supportive VC who believes INSHUR has the potential to radically update the insurance industry for the on-demand era. They are particularly excited about our ability to leverage partner data to understand the benefits of each driver and provide the right insurance solution every time. Our high profitability and low loss rates are a testament to our market-leading underwriting capabilities, which are essential to compete in this industry. These strengths, along with plans for global growth and expansion, were key to winning this latest round.
We are fortunate to have the backing of a very supportive VC who believes INSHUR has the potential to radically update the insurance industry for the on-demand era. They are particularly excited about our ability to leverage partner data to understand the benefits of each driver and provide the right insurance solution every time. Our high profitability and low loss rates are a testament to our market-leading underwriting capabilities, which are essential to compete in this industry. These strengths, along with our global growth and expansion plans, were key to securing this round.
What milestones do you plan to achieve in the next six months?
We have some exciting plans with our partners, especially Uber and Amazon, which will be a focus of our team in the coming months. We believe the existing model of driver insurance is ripe for transformation and plan to be a global agent of change for the market.
What advice would you give to New York companies that haven’t recapitalized their banks?
Manage your burn rate carefully and support your mission by opening your eyes to new pockets of talent who have recently retired from big tech companies and are now looking for new challenges.
Where do you see the company going in the short term?
Following our recent acquisition of American Business Insurance Solutions, we are now leveraging our proprietary technology beyond New York City to serve drivers and fleets across 50 states on demand. This, combined with the latest funding round and the continued execution of embedded partnerships, will enable him to accelerate growth by more than 200% in 2023.
What is your favorite restaurant in the city?
H&H Bagels East (not West!).
I used to live above the shop and I still love bagels that are crunchy on the outside and soft on the inside. We are open 24/7 and serve some of the best food in New York.
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https://www.alleywatch.com/2023/04/inshur-digital-insurance-rideshare-drivers-embedded-uber-on-demand-dan-bratshpis/ INSHUR Raises $26M for All-In-One Insurance Platform for Ride-Sharing Drivers, Acquires American Business Insurance Services – AlleyWatch