Insurtech platform QuoteWell has “come out of stealth”, following a $15m Collection A funding spherical led by New Enterprise Associates (NEA).
The spherical was additionally joined by Goldcrest and Floating Level.
Arrange in 2021, QuoteWell is a wholesale brokerage centered on the distribution of economic insurance coverage.
Headquartered in Austin, Texas, US, QuoteWell has now raised greater than $20m from buyers.
The insurtech plans to make use of the brand new funding to broaden its brokerage crew and bolster its infrastructure that helps automation and operational effectivity.
Concurrently, QuoteWell introduced the launch of brokerage operations aimed toward catering to impartial retail brokers.
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QuoteWell makes use of expertise and human capital to service its shoppers in a semi-automated method.
It employs 12 licenced brokers to assist with the submission stream and leverages fashions powered by synthetic intelligence to assist with protection recommendations from its community of greater than 45 service companions.
QuoteWell CEO and founder Joey Bouchard mentioned: “We see an enormous alternative to higher serve a section of the insurance coverage enterprise that’s typically underserved by incumbents and developed what we name a hybrid insurtech that goals to offer one of the best service and outcomes for our prospects.
“As an element ‘software program startup centered on the insurance coverage sector’ and half ‘wholesale dealer’, we mix trade finest practices with a forward-looking, progressive lens to ship probably the most impression.”
NEA accomplice and head of expertise Rick Yang mentioned: “We’re excited to accomplice with QuoteWell as they lead progressive change in a rising market of the insurance coverage trade.
“We consider Joey and the QuoteWell crew have confirmed the worth of and the chance in marrying human relationships with automated programs, knowledge and software program for best-in-class outcomes.”