The InsurTech Omaha National Group, a provider of workers compensation insurance and payroll services, is transitioning to being a direct insurance writer in the space. A new $45 million venture cash infusion will help accomplish this, and also support continued expansion of the company’s advanced proprietary software.
Accomplice led the Series B round. Investors HighSage Ventures and Tull Investmens also participated. Agman, a Chicago-based investment firm, remains the principal and founding investor.
“We see an unmet need in workers compensation for a company that employs advanced technology to achieve better claim outcomes and superior underwriting results,” Omaha National President and CEO Reagan Pufall said in prepared remarks. “We’ve achieved a lot in the past five years but we’re just getting started. We’re excited to welcome our new investors to join us on this journey.”
Omaha National launched 2016 and was founded by executives with workers compensation experience from Berkshire Hathaway and other carriers. Pufall, before leading Omaha National, was vice president of claims at Berkshire Hathaway Homestate Companies, according to his LinkedIn profile.
The company’s goal is to use proprietary technology to provide care and support to injured workers while reducing unnecessary costs. Reduced claim costs lead to lower insurance premiums for the small to midsize companies that Omaha National insures, the company noted, allowing its clients to invest the savings in growing their businesses.
Omaha National offers AM Best A (Excellent) rated workers’ compensation coverage through more than 2,500 agencies. It now employs more than 190 people and handles over $120 million in program premiums.
Source: Omaha National