AI-powered insurtech firm Layr garners $10m in funding

US-based insurance coverage tech firm Layr has raised $10m in its newest funding spherical to increase its operations and increase platform performance for brokers.

Cota Capital led the AI-powered insurtech’s newest funding spherical.

 Ok Fund, HSCM Ventures, Sandbox Industries, and Flyover Capital additionally participated within the funding spherical.

Based in 2016, Layr helps impartial businesses automate and digitise small enterprise insurance coverage.

Stewart Pond, principal at Cota Capital, mentioned: “The small enterprise insurance coverage market is massive and rising however inherently expensive to handle. The problem is compounded additional by an undersupply of licensed account managers, performing as a bottleneck to the longer-term progress of the brokerage.

“Layr is constructing the infrastructure to automate guide, time-intensive duties and assist brokers deal with areas the place they’ll present the best worth for patrons.”

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Pond added: “We imagine that Layr has the group, the expertise, and the imaginative and prescient to develop into a frontrunner in small business insurance coverage and a de facto answer for brokers as they scale their enterprise.”

Layr claims that its platform permits brokers to serve as much as six instances extra small enterprise purchasers by modernising advanced guide workflows.

The insurtech additionally affords brokers’ small enterprise purchasers entry to a white-labelled, safe on-line portal to purchase or renew protection, file claims, and generate wanted insurance coverage documentation.

Layr founder and CEO Phillip Naples mentioned: “When brokers use Layr for his or her small enterprise insurance coverage administration, their policyholders obtain insurance coverage companies which might be as simple and painless as their on-line banking.

“With Layr, dealer companions deal with extra purchasers with ease and at larger margins, all whereas gaining useful enterprise intelligence. It’s time to carry small enterprise insurance coverage into the twenty first century.”

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