Verifly secures $22M funding from IAC, rebrands and expands to become Thimble
Verifly, the first and only platform to offer short-term liability coverage for small businesses and independent workers, has expanded and rebranded to become Thimble, supported by $22 million in Series A funding.
The funding was led by IAC, with participation from existing investors including Slow Ventures, AXA Venture Partners, and Open Ocean.
“We’ve reinvented insurance to make it simple, enabling small businesses to succeed on their own terms and take advantage of the flexibility and technology driving the modern economy,” said Thimble co-founder and CEO Jay Bregman.
Recognizing a fundamental shift in the nature of modern work, Thimble introduced short-term micro-policies for purchase by the hour, day, week, month or year. These are available in seconds via their app, web, and partner APIs.
“Thimble is just the kind of company IAC likes to back – a smart team with a disruptive technology that aims to shake up a traditional category,” said Michelle Arbov, head of M&A, IAC. “Jay and team are poised to redefine insurance coverage for the modern workforce – we’re excited to see what they can do.”
Thimble’s coverage is designed to fit the dynamic nature of small businesses in the gig economy. Insurance is available for more than 100 different professions including handymen, landscapers, DJs, musicians, beauticians, and dog walkers.
Previously, liability policies were only available for annual purchase, posing a significant cost barrier for small businesses and sole proprietors, and leaving many uninsured and unable to accept jobs that require proof of insurance.
Thimble has seen early success bringing an entirely new insurance product to market, which has now been approved by regulators in 48 states. Policies are underwritten by Markel.
Thimble has already sold over $100B in aggregate exposure and is on pace to sell 100,000 policies by year end to a market unserved by traditional insurers. Some 75 percent of Thimble’s customers are new to business insurance altogether.
“By breaking down barriers and leveraging technology, Thimble is doing more than bringing traditional policies online; it is leading the charge to better match insurance needs to the modern worker and delivering it in a way that will make insurance more like other industries,” said Scott Whitehead, managing director of Markel. “The insurance industry generates over $100 billion of small business premium in the US alone, and that’s without the 40 percent of sole proprietors who do not currently purchase business insurance.”
The rebrand from Verifly to Thimble allows the company to expand from its roots as a pioneer of drone insurance to a full partner for all modern workers and small businesses as they grow in the on-demand economy.
Thimble will not only be a partner for small businesses and workers who buy coverage directly through the app, but for insurance brokers and independent agents, who can use Thimble to provide short-term coverage options to clients with zero touch.
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
Climate change, technology and geopolitical instability head up main future risks: AXA
New insurance industry guide to protect UNESCO World Heritage Sites launched
Dorian and Faxai combine to push Everest Re to $280 million loss
Quantemplate closes $12 million+ funding round
Life Insurance Settlement Association unveils focus on legislative affairs
Teresa Fitzgerald joins Lakeshore and Penn Mutual
Mapfre included in key Socially Responsible Investment list
The Hilb Group acquires Campisano Insurance Agency
Two directors join Cowbell Cyber’s board
Feature: 10 ways insurers are using insurtech to drive new business
