AI-powered insurtech Layr nabs investment from HSCM and HDI’s Hannover Digital
Bermuda-based HSCM Ventures, the venture capital arm of re/insurer Hudson Structured Capital Management, has led a $10 million Series A funding round for insurtech start-up Layr. The round also saw investment from Germany-based insurer HDI Global’s subsidiary Hannover Digital Investments.
Layr uses artificial intelligence and machine learning to help brokerages and agencies efficiently manage their small commercial books. It enables brokers to sell, service, and renew traditionally time-consuming policies in a private-labelled service center.
Other investors that participated included MGV, Sandbox Industries, Flyover Capital, and Hannover Digital Investments. Also participating was an experienced group of insurance brokerages and professionals from The Plexus Groupe, IMA Corp, Holmes Murphy, The Partners Group, The Graham Agency, Broker Tech Ventures, and other insurtechs.
Brandon Baron will join Layr’s board of directors as a representative of HSCM Ventures.
The funding will double Layr’s team and grow its footprint amongst insurance agents and brokers while adding new technology advancements that enable small businesses greater access to the insurance marketplace.
“Our mission is to empower insurance brokers and agents with a world-class digital experience. This serves their clients better and makes existing workflows more efficient,” said Phillip Naples (pictured), Layr founder, and CEO. “This funding round will enable the amazing team at Layr to maximize brokerages profitability and deliver the optimal experience for their insureds, and I’m extremely proud of our work!”
Brandon Baron, vice president at HSCM, said: “Layr helps weaponize its partner agents with immediate quotes and faster underwriting. We believe this will unlock an enormous amount of efficiency for the insurance market.”
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