Shepherd, an insurtech firm specialising within the business building sector, has garnered $13.5m in a Collection A funding spherical.
The fundraise was led by Costanoa Ventures, with Intact Ventures, Period Ventures, Greenlight Re and Spark Capital additionally contributing.
Shepherd plans to make use of the funds to extend the underwriting and software program workforce headcount, expedite product improvement and scale software program choices.
Launched in 2021, Shepherd combines insurance coverage capability with underwriting and danger administration software program alongside a building software program market to simplify complicated processes and workflows inside the trade.
The corporate claims that its technology-driven underwriting course of has a mean response time of simply 12 hours, a big enchancment over the trade’s commonplace response time, which may usually take weeks.
Shepherd famous that the business building trade, valued at $10trn, faces mounting challenges together with rising declare severity, outdated underwriting processes and an absence of technological adoption.
Entry probably the most complete Firm Profiles
in the marketplace, powered by GlobalData. Save hours of analysis. Achieve aggressive edge.
Firm Profile – free
pattern
Thanks!
Your obtain e-mail will arrive shortly
We’re assured concerning the
distinctive
high quality of our Firm Profiles. Nonetheless, we wish you to take advantage of
useful
resolution for your online business, so we provide a free pattern which you can obtain by
submitting the beneath kind
By GlobalData
These points threaten to drive up insurance coverage prices and jeopardise the trade’s sustainability, it added.
Consistent with addressing these challenges, Shepherd is launching a brand new software program resolution named Shepherd Compliance.
The software is designed to streamline and automate vendor compliance critiques, utilising synthetic intelligence to course of PDF-based information and handle all related workflows.
Optimised for Shepherd policyholders, the software program additionally boasts integration capabilities with venture administration platforms similar to Procore.
Shepherd CEO Justin Levine stated: “There may be an pressing want for innovation within the business building insurance coverage trade. Our mission at Shepherd is bold however easy: to create the primary complete platform that mixes top-tier insurance coverage choices with world-class software program to assist business companies handle danger and stop losses.”
Costanoa Ventures normal associate Mark Selcow stated: “Excessive insurance coverage prices and even unavailability of protection plagues a sector [commercial construction] already battling tight margins and enterprise danger.
“The workforce behind Shepherd is taking a technology-forward strategy, growing modern insurance coverage merchandise that use trendy software program and information methods to create a vastly superior insurance coverage providing. Shepherd delivers higher priced, higher match insurance policies for purchasers, due to its information and tech benefits.”
