Insuretech startup Counterpart, has raised $10 million in funding led by Valor Equity Partners. Moreover participating turned into Susa Ventures and Felicis Ventures. Counterpart works in the “administration prison responsibility” insurance market. Counterpart will furthermore partner with Markel Enviornment of expertise, a specialty insurance division of Markel Company, to give its administration prison responsibility insurance products.
Insuretech startups fancy Oscar, Lemonade and Root enjoy made incursions into inner most insurance. What has been much less prevalent, says Counterpart, is startups tackling the $300 billion corporate insurance market.
Counterpart is competing with Next Insurance, which has raised $631 million, and which furthermore gives exiguous business prison responsibility insurance, as successfully because the astounding insurance carriers, from AIG to Berkshire Hathaway.
Counterpart is dilapidated by some wholesale brokers in the united states to enable exiguous to medium businesses to earn insurance coverage, since it digitizes grand of the system, from application submission, coverage selection, binding, claims administration and loss prevention. Counterpart says this market has turn into much less stunning to insurance carriers in consequence of the increasing claims charges and severity, and their lack of digitization of the system.
Tanner Hackett, founder and CEO, stated in a press liberate: “The $1.2 tn insurance industry is going thru a digital revolution. We saw an outsized different with administration prison responsibility, a serious insurance line in which we’ve queer expertise.”
Valor Equity Partners partner and Counterpart board member Jon Shulkin stated: “Counterpart’s platform goes previous the scope of a ancient insurer, layering in insights, tools, and companies to abet business stakeholders navigate this extraordinarily challenging operating atmosphere.”
Valor turned into an early backer of Tesla, SpaceX, Addepar and GoPuff. Susa has beforehand backed Robinhood, PolicyGenius and Newfront Insurance. Felicis has funded Hippo, Plaid and Credit Karma.