InsurTech startup DigiSure raised $13 million in fresh financing and is now rolling out a digital platform designed to offer individualized microinsurance policies for mobility and shared economy businesses.
Plans call for using the money to fuel hiring and also scale operations, the company said.
Morado Ventures led the round, with participation from Xplorer Capital, Valor Equity Partners, Clocktower Technology Ventures and True North Cos. Ex-Upwork CEO Fabio Rosati also participated in the round.
DigiSure, which launched in 2018, develops and rolls out digital platforms that help automate underwriting, sales and distribution in target specialist insurance markets, using machine learning, digital distribution, blockchain and other advanced technologies. DigiSure also markets to brokers, enabling their customers to quickly and easily access insurance.
DigiSure’s DigiSure Protection Suite applies machine learning and AI to effectively manage large amounts of data elements in real time, resulting in more nuanced risk assessment and better pricing, the company claims. The outcome, according to DigiSure: tailored coverage options through a seamless protection platform where customers can easily file and manage a claim in seconds. The initial target audience is millennial and Gen Z clients who rely more on car rentals and alternative mobility options like rideshare, scooters and bicycles.
The DigiSure Protection Suite’s features include identity verification, data validation, risk modeling and automated approval.
DigiSure is co-founded by CEO Mike Shim, a three-time founder and ex-Yahoo! executive; and Paul Smith, the former VP of Innovation at Liberty Mutual and a veteran insurance executive. The DigiSure team is composed of experienced entrepreneurs and operators from companies including Yahoo!, Uber, Mastercard, and JPMorgan. DigiSure asserts in its venture investment announcement that employees’ combined backgrounds in marketplaces, insurance, and risk and financial services help the company innovate as it creates products and services for marketplaces.