Veteran co-founders or executives from Lemonade, CoverWallet and Pie Insurance are behind a new InsurTech that raised $3.7 million in debut financing – money designed to support its focus on providing embedded insurance as a service, in part, for emerging industries.
Auston, Texas-based Assurely is an MGA with a direct distribution focus that also operates as a broker. Plans call for using the financing to expand its technology infrastructure and bring more products to market. ATX Venture Partners is the lead investor.
“It is all hands on deck to capture the revolutionary opportunities in this space,”
David Carpentier, co-founder and CEO of Assurely, said in prepared remarks.
Carpentier is a veteran of broker USI Insurance Services, according to his company bio. He’s joined by well-known executives from both older school insurance and the InsurTech world. Assurely’s co-founder and chief insurance officer is Ty Sagalow, who was a founder and initial chief insurance officer for Lemonade, and is a veteran of AIG and Zurich. Assurely Chief Architect Brian Buvinghausen is a veteran of Allstate and a former chief architect at InsurTech Pie Insurance. Pierce Leonard, Assurely’s SVP, Client, helped grow CoverWallet and is an Aon veteran.
Assurely claims it can develop insurance products for new industries, innovative marketplaces and evolving customers quicker and more profitably than existing insurance providers.
Assurely said its business model revolves around millennials and their openness to purchasing insurance from parties outside the insurance industry. The company said in its funding announcement that it plans to reach this market with “precisely targeted products for non-insurance-native partners to embed in their buying process.” One example: the company disclosed in 2019 a partnership with AXA XL to collaborate on insurance coverage that would cover online money-raising efforts such as equity crowdfunding and security token offerings. The company said at the time that a number of crowdfunding portals signed on, with plans to incorporate Assurely’s technology into their capital raising platforms.
Assurely’s debut product, named TigerMark, is a Directors & Officers–like insurance program targeting the massive changes in how companies use technology and the internet to find investors and raise capital, primarily via the JOBS Act (– Reg A, Reg CF and Reg D-506(c).), the company said. Assurely asserts that it is the sole provider of insurance for this market, and it expects to debut a second product with an as-yet-unnamed “large and growing” partner in the 2020 fourth quarter.