Marble Raises Another $4.2M To Become A Centralized Platform To Manage All Kinds Of Insurance And Save Money – AlleyWatch

Hundreds of millions of Americans have some kind of insurance policy, whether it’s life insurance, health insurance, auto insurance, pet insurance, or business insurance. However, there is no centralized resource to manage all these policies. marble is a digital wallet and hub that centralizes all insurance policies in one place and uses automation to optimize insurance value. Members are notified of rate changes that may affect their policy and are automatically offered comparison shopping for policies during the renewal period so users are well informed based on similar coverage. can make decisions based on The platform is free to use, and Marble receives a commission from policy providers when customers switch policies to new carriers. The company also offers a rewards program that allows users to earn gift cards for certain insurance-related actions.

alley watch We spoke with Marble’s CEO and founder stuart winchester To learn more about the business, the company’s strategic plans, the latest funding round that raised $6.7 million, and more…

Who are the investors and how much did you raise?
This Seed Plus round raised $4.2 million. This round was led by decentralized venturewith the participation of new investors Blue Collective, Goodwater Capitaland CE Innovation Capital; existing Investors IA Capital Group, MS&AD Ventures, Reciprocal Ventures; seasoned angel investors from across the financial and insurance industries;

What products or services does Marble offer?

Marble always optimizes all insurance.

We have built a central hub to monitor and optimize insurance value. We help our members keep their insurance prices low without sacrificing coverage or spending a lot of time.

For example, our Rate Watch program automatically alerts users to rate changes by major insurers that may affect their insurance rates. Marble will notify you if a Marble member’s auto insurance company requests a rate change that affects the member’s active policy. No other platform allows individuals to track and prepare for rate changes like this.

In addition, we recently launched automated shopping for eligible members. Its purpose is to make it easier for members to understand when it is best to renew or change insurers when they enter the renewal period of their policy. To answer this question, Marble works with partners to compare existing insurance prices to see if Marble members can save money by switching providers. Members will then receive notifications of potential savings without any action on their part.

Marble’s goal is to build a product that saves users time and money by automating insurance shopping and optimizing coverage.

What inspired you to start Marble?

I spent several years building the insurance team and products within Better.com. It was a great experience and gave me the opportunity to speak with hundreds of insurance customers.

After I left Better, I was reminded of the customers I spoke with and how many of them didn’t really have convenient, powerful ways to manage their day-to-day risks. Instead, it was flooded with hundreds of offers to buy more insurance, but that was the end of the debate.

This prompted me to think about how we can give Americans more control over their insurance so they can regain time and avoid spending more than they need, while still getting the coverage they need to protect the ones they love. I was.

How is marble different?

Marble is the first product on the market to actively monitor a member’s policies for possible interest rate increases. We are also the only company that automatically shop when your insurance is in the renewal period.

In addition, we offer our members a centralized account to link all their policies, regardless of type or carrier. Marble members liken it to mint, but that’s for insurance.

Finally, we are the first and only rewards program for insurance. Regardless of provider, all her Marble members are insured and can earn real money (in the form of gift cards) simply by subscribing regularly.

What markets is Marble targeting and how big is it?

Marble is best suited for the 92% of Americans who are policyholders and are looking for help with their policy and how to deal with their insurance company.

What is your business model?

We make money when members choose to shop with us.

Anyone can create an account and use Marble for free. Once created, members will find low rates seamlessly and easily. They can tap, switch or cancel their old policy in just minutes and we earn a commission or referral fee when they start a new policy.

In addition, we help fund rewards programs by licensing our award-winning technology and designs to leading financial institutions and insurance companies.

How are you preparing for a potential economic slowdown?

Our recent funding has made our company very well capitalized. We continue to operate with a lean, highly skilled team that keeps our fixed costs low. Our company is very well positioned to get through the difficult situation.

What was the fundraising process like?

Compared to our last fundraising, this was a much quicker and more streamlined process. Our product works, our market is defined (but huge) and our technology is a year or two ahead of other insurance shopping websites.

We have reconnected with our investors since last year, reassured them of Marble, and were able to get the strategic leads we were looking for and quickly close our funding round.

What was the biggest challenge you faced while fundraising?

Time is faster, but the fundraising process still takes time and distracts you from your other priorities. Being pulled away from core business and product work during fundraising can be very frustrating.

What factors about your business made investors write checks?

Marble can acquire users at less than 1% of traditional costs for insurers and keep those members on a monthly basis. This was a transformation of the insurance industry that excited many investors.

What milestones do you plan to achieve in the next six months?

We aim to reach 250,000 users and distribute over $30,000 in rewards each month.

What advice would you give to New York companies that haven’t recapitalized their banks?

Frankly, I’d rather avoid giving advice. If you don’t inject new capital now, you’ll likely be nudged to death by your existing investors and partners. No need for someone to remind you of it. It’s hard outside. So go outside when the weather is nice!

Where do you see the company going in the short term?

We will continue to grow rapidly, execute on our roadmap for people-first insurance capabilities, and add several select roles to our team.

Where is your favorite coffee shop or place to hold a meeting in your city?

UWS plowshare coffee.

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