Broker Buddha raised $4.5 million to help advance its agency operations technology that simplifies commercial insurance application and renewals. Kovrr, a Tel Aviv-based predictive cyber risk modeling company, has pulled in a $5.5 million financing round. Fenris Digital, a software and analytics company focused on the financial and insurance industries, disclosed a new $1.7 million seed financing.
Broker Buddha raised $4.5 million in new funding designed to help advance its technology designed to simplify the commercial insurance application and renewal process.
Broker Buddha’s platform automates agency operations, turning paperwork into an efficient digital process, benefitting both insurance agents and their clients. Through user-friendly interactive smart forms, a modern familiar web interface and an integrated eSignature capability, the platform creates what Broker Buddha bills as a powerful, agency-branded, online experience for insurance clients.
Vertex Ventures led the financing.
Broker Buddha’s online submission platform converts static PDF insurance applications into user-friendly, interactive online smart forms. New prospects can quickly complete applications online through the agency website, while returning clients can update forms pre-filled with the prior year’s info and sign electronically online. The platform then highlights year-over-year changes for brokers, further saving them time. The expedited application and renewal process is designed to improve the customer experience and operational efficiency for brokers while also providing insurance carriers with a product that eliminates partially completed, handwritten applications from brokers.
Broker Buddha was founded in 2017 and is based in New York City.
Kovrr, a Tel Aviv-based predictive cyber risk modeling company, has pulled in a $5.5 million financing round.
StageOne Ventures, Mundi Ventures and Innocells (the corporate venture arm and digital innovation hub of Banco Sabadell) led the round, which also included other private investors.
Plans call for using the proceeds for product development and to further accelerate the company’s global growth.
Kovrr was founded in 2017 by Yakir Golan (CEO), Shalom Bublil (CRO) and Avi Bashan (vice president of Research & Development) in order to give underwriters, exposure managers and risk professionals the visibility they need to keep up with a rapidly changing cyber risk landscape. Kovrr uses artificial intelligence (AI) to predict and price cyber risk.
The Kovrr platform uses open-source, proprietary and third-party business and threat intelligence data to train predictive cyber risk models.
Fenris Digital, a software and analytics company focused on the financial and insurance industries, disclosed a new $1.7 million seed financing.
Larry Rosenberger, past CEO of FICO and their current Research Fellow, led the strategic investment. Rosenberger has been a key industry advisor since the company’s inception and with his investment now joins the board.
Other investors included SixThirty, an international fintech fund, the CIT (Center for Innovation in Technology), Tyson’s Angels Group and the 757 Angels Group.
Fenris plans to use the new funding to meet the growing demand from clients for its API-delivered predictive scores and pre-fill data that ease the application process for a company’s best prospects.
The money will also be used for hiring, strategic business development, engineering and data analytics, among other investments.
Fenris maintains its proprietary, in-house repository of over 300 million entity records and accompanying data elements from an array of qualified and emerging sources. By employing machine learning with its proprietary repository of millions of policy result records across dozens of personal, commercial and life insurers, Fenris generates proprietary predictive algorithms MatchScore, TriageScore, LeadScreen and PFR (Personal Financial Responsibility).
Fenris launched in 2016 in Richmond, Va.
Sources: Broker Buddha, Kovrr, Fenris