SiriusPoint backs Broker Buddha to help ‘transform’ commercial insurance
Global specialty re/insurer SiriusPoint has invested in an insurtech platform that aims to “transform the commercial insurance market” by simplifying the application and renewal processes for insureds, brokers, and carriers.
SiriusPoint led a $5 million investment round in Broker Buddha, which will enable it to increase sales capacity, enhance the product, develop new offerings, and accelerate the company into a new phase of growth and expansion.
SiriusPoint believes that the insurtech “solves a very real problem” of facilitating the complex submissions process for brokers and the end customer.”
Broker Buddha’s tech platform offers an interactive smart form library with over 10,000 smart forms, and supports the renewal process by highlighting exposure fields and showing prior year values, as well as comparing data across submissions. It allows agents to become more efficient, create a better experience for their clients, and enable submissions of a much higher quality for carriers. The insurtech was set up in 2017 and received seed funding from Vertex Ventures US in 2019. The company currently has over 100 agencies.
As part of the partnership, Darryl Siry (pictured), chief technology officer for SiriusPoint, will join the Broker Buddha board.
“We are excited to be partnering with the Broker Buddha team” said Siry. “They solve a very real problem of facilitating the completion of complex insurance applications between agents and the end customer. The team has a very strong product vision and deep technology expertise which will expand their market opportunities as they continue to grow the core product.”
“While many insuretchs focus on solving the problem of submission management for carriers, Broker Buddha is focused on enhancing the efficiency of the independent agent and their customers” he added. “The value of the product is self-evident in revenue retention ratios higher than 100% year over year. Similar to DropBox’s early growth, gaining initial adoption with an agent inevitably leads to growth within the agency as people experience the product.”
Jason Keck, chief executive officer of Broker Buddha, said: “Having a key player in the industry like SiriusPoint invest in Broker Buddha is amazing for us. Its partnership and investment experience in insurtechs is unrivaled and provides an exceptional opportunity for us to progress and grow.”
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