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Starfish, The Evolving Insurtech Startup Grabs The Funding of £2.5mn

Insurance Business Mag gave a report claiming that the current leading round was led by Starfish Specialty’s founders and was supported by Brad Emmons, senior advisor of the company.

Jeremy Hitzig, Tom Lane, Margaret McBurney, Michael Thabet, Brooks Chase and James Flynn contributed their efforts for the launching of this Insurtech startup – Starfish.

It aims to secure the bottom line for carriers and serve it’s customers with the right solutions for brokers by listening closely, answering quickly and applying the requirements of its partners as it’s first priority. Last year, a builder’s risk program was distributed as an embedded product in collaboration with a private lender, backed by A-rated carrier Summit Specialty.

To this Hitzig stated that, “We are very excited to welcome our new investor partners…The additional funding positions us to add several new programs, invest in additional underwriting talent and continue to expand the capabilities of our technology platform.”

He expressed his satisfaction towards Emmons, co-founder and former CEO of Orchid Insurance, for joining and growing with the Starfish team. 

The objective of this InsurTech company was to create a solution for insurers which will help them to analyze the risk on commercial properties through a cloud-based solution. This upgrades 300 data points, ranging from satellite image analysis, real-time weather and flood risks to crime rates and fire service response times. The following seed funding of £2mn will help AI to evolve with the development of it’s growing platform. The highlight to the specialty of this Insurtech startup is that the managing general agent has raised the funding of £2.5mn in addition to a debt of £500,000.

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