Snapsheet, a claims management platform InsurTech, raised $30 million in new financing that will help further build out its cloud-based system and meet customer demand that has surged in the wake of COVID-19.
“As carriers and their customers are forced to work and engage virtually, we have seen demand for our technology skyrocket in the wake of COVID-19, and it’s here to stay,” Snapsheet founder and CEO Brad Weisberg said in prepared remarks. “By digitizing the entire claims process from start to finish, we’re able to automate any task, and empower insurers to provide exponentially better customer experiences at the most critical point in their customer lifecycle.”
The Ping An Global Voyager Fund and Pivot Investment Partners led financing, which is the second part of a Series E round. They join investors including Nationwide, Liberty Mutual, Intact Ventures, Tola Capital, Commerce Ventures and others.
These new funds will be used to accelerate growth and add new functionality to Snapsheet’s cloud native end-to-end claims management platform. Additionally, Global Voyager’s Chief Investment Officer, Donald Lacey, will join Snapsheet’s board of directors.
The venture capital infusion will also support more engineering and sales hires.
Snapsheet’s software as a service (SaaS) platform uses information from various customer channels, including e-mail, text, or a web and mobile app, enabling insurance carriers to better engage customers and process claims more quickly. The Snapsheet technology also lets carriers directly deposit payments into customers’ bank accounts, something the company said is designed to ease the claims process and also boost customer engagement.
Snapsheet’s software covers auto, property and injury for personal and commercial claims, and it incorporates automation derived from data collected from one-million-plus processed claims via over 70 carriers and “non-traditional innovators,” Snapsheet said.
Snapsheet claims to have processed millions of claims and more than $7 billion in appraisals for more than 100 clients, “including many of the largest insurance carriers, third-party administrators, and insurance and sharing economy disruptors in North America.”