Slingshot Insurance, an AI-native insurer focused on the embedded insurance market, has officially launched after operating in stealth mode, announcing that it has raised $27 million in seed funding.
The oversubscribed funding round was jointly led by Rally Ventures and Skyward Group, with additional investments from several experienced property and casualty (P&C) insurance professionals. Among the investors is Jim Hays, who is expected to join Slingshot Insurance’s board of directors.
The launch comes amid growing interest in embedded insurance across the P&C industry. Industry projections cited by the company suggest that embedded policies currently account for approximately 3% of global P&C premiums. This share could increase to nearly 20% over the next decade, significantly outpacing the growth of the broader insurance market.
Slingshot Insurance was co-founded by Rally Ventures and Ethan Genteman, the former chief actuarial officer at Palomar Holdings. The company aims to help businesses operating in the embedded insurance ecosystem, including vertical software platforms, managing general agents (MGAs), and insurance distributors. Its offering is designed to provide these businesses with the technology, insurance capacity, and speed required to develop new products, launch them in the market, and scale their operations. The company is targeting fast-growing sectors such as amateur sports, travel, and the gig and independent-work economy.
The company has developed its platform specifically to address the complexity of embedded insurance, where high transaction volumes and extensive data flows can create significant operational challenges. Instead of depending on spreadsheets, lengthy email exchanges, and fragmented legacy systems, Slingshot brings key processes together in a unified platform. Its AI-powered technology automates complex workflows, while application programming interfaces (APIs) connect the platform with MGAs, distribution partners, and capital providers.
The platform also enables decisions to be audited, reconciled, and explained, helping MGAs and capital providers gain greater transparency, operational speed, and actionable insights.
Vertical Insure, an embedded insurance managing general agent with more than 750,000 customers and an average premium of $25, has joined Slingshot Insurance as an early customer and design partner. Its participation reflects the demand for faster, technology-driven support from insurance carriers within the embedded insurance market.
