Liberty Mutual and USAA are among the backers behind Snapsheet, a startup developing virtual auto claims technology and services that recently closed on $20 million in new financing.
Snapsheet disclosed the Series C funding round on Oct. 14. F-Prime Capital and IA Capital Group led the financing. Liberty Mutual Strategic Ventures, Intact Ventures Inc. and an unnamed USAA subsidiary provided “strategic participation,” according to the announcement.
New of Snapsheet’s new cash infusion follows the official launch in October of Embroker, a technology-inspired insurance broker, a commercial lines platform that allows businesses of all size to manage, buy, analyze, compare and store all of their insurance information data in one place. TheGuarantors, a New York-based InsurTech startup launched in 2014, has also unveiled its platform, which connects renters who can’t secure a lease on their own with an insurance-based co-signer through The Hanover Insurance Group.
Plans call for Snapsheet, a Chicago-based company, to use the new money to hire more people in areas including engineering, marketing and sales. Added staff will help fuel the company’s development of a “customizable platform for virtual auto claims,” according to the funding announcement.
Right now, more than 250 people work for Snapsheet.
With financing in hand, Snapsheet will also start licensing its virtual claims processing technology directly to insurance carriers, including its full virtual CRM suite and various self-service applications. Snapsheet said it will focus in the coming months on further development of its virtual claim CRM system, which guides customers through the entire auto insurance claim process. New features include automated email and text message communication as well as real-time online analytics.
Snapsheet’s system is also designed to simplify the payment process between carriers, customers and body shops, the company said.
Snapsheet first launched in 2016, and now serves more than 35 insurance clients, including carriers focused on innovation such as Metromile, a pay per mile auto insurer whose policies are written by National General Insurance Group insurers. Additional plans call for Snapsheet to start selling its software globally, to carriers in regions including Asia, Europe and South America.
Michael Smith, assistant vice president of corporate development for USAA, said that Snapsheet has already given its members “a convenient new option” that lets them get repair estimates for damaged vehicles.
“As the demand for virtual claims processing technology continues to increase across a massive global market, Snapsheet is well-positioned to bring value to emerging insurance carriers and their customers,” Smith said in prepared remarks.