Vertical insure, an insurance firm providing vertical SaaS platforms with embedded, white label insurance products which can be implemented towards their current customer base, has raised $4m in seed funding. The particular round was co-led by Rally Ventures and Dundee VC.
It supplies customized insurance options that are 100% built around the different requirements and expectations of each business and its customers, which makes it more precise, trustworthy and reliable revenue too.
As per the analytics of the firm, the US insurance market holded a value over $1.3trn in 2021 symbolizing an “enormous demand” for the safety net that good insurance provides. However, the team of firm claimed that outdated technology and legacy practices have resulted in processes requiring more manual work which turned to be more time taking and expensive, cookie-cutter coverage. Companies and individuals end up with basic offerings that leave many needs unfilled of the customers.
So the firm offers a solution to this uncertainty It ensures that customers can run their entire businesses on these platforms and typically will first look to them for expanded products and services making it more reliable and appealing for customers to opt for their services and insurance.
Customers can briefly go through their desired customized insurance by clicking on “click of a button”, resulting in added value and new revenue without any extra overhead or IT bandwidth.Greg Beaufait, partner at Dundee Venture Capital, in an interview towards this made a statement that “Embedded insurance is a huge opportunity. In numerous industries the addition of embedded insurance has been shown to double the revenue of a vertical SaaS company. These platforms know the needs of their customers, and Vertical Insure leverages their existing data to recommend, underwrite and price customized coverage to ultimately create a more valuable product.”