State National and Nephila invest in Boost insurtech platform
US-based insurtech development platform Boost Insurance has raised a $3 million funding round and has partnered with State National Companies and Nephila to provide a turnkey solution for both early stage and expanding insurtech start-ups.
According to the statement, the round was led by Norwest Venture Partners with participation from IA Capital Group, Greycroft Partners, State National Companies and Nephila.
"Insurance is a unique and highly-regulated industry which requires cooperation between startups and regulated insurance companies," said Jared Hyatt, Principal at Norwest Venture Partners. "Boost serves as a conduit between insurtech startups and insurance capital, but is also a buffer from a technology and cultural perspective.
"The Boost Insurtech Platform eliminates the need for technology startups to integrate and conform to archaic systems while also allowing them to control the entire customer and brand experience."
Boost's insurtech platform aims to streamline the go-to-market process for insurtech startups and innovative insurance products through its partnerships with State National, Nephila, and other leaders in the re/insurance industry.
The company stated that it will work with a select group of insurtech startups planning to launch new distribution platforms or innovative insurance products and will begin rolling out new insurtech programmes in early 2018.
Luke Ledbetter, EVP & CUO - program services, State National, commented: "Our partnership with Boost is an opportunity to drive increasing industry innovation while leveraging our unique skills and experience to support the growth of this dynamic segment of the insurance marketplace."
Barney Schauble, managing partner, Nephila, added: "Insurtech startups bring a welcome injection of new ideas and energy to the re/insurance market, but putting systems, paper, and risk capacity into place to make the ideas a reality has been a challenge. We have been deeply involved in several such projects over the past decade, and are investing in and partnering with Boost because we are certain that they will provide real value to startups in getting to market swiftly and smoothly."
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