SiriusPoint Ltd., a global insurer and reinsurer, announced a $5 million investment round and partnership with commercial insurance technology company Broker Buddha, a platform that aims to simplify submissions for brokers.

Broker Buddha’s tech platform has a goal of transforming the commercial insurance market by simplifying the application and renewal processes for insureds, brokers and carriers. It offers an interactive smart form library with more than 10,000 smart forms and supports the renewal process by highlighting exposure fields and showing prior year values, as well as comparing data across submissions.

SiriusPoint led the investment round, which will enable Broker Buddha to increase sales capacity, enhance the product, develop new offerings, and accelerate the company into a new phase of growth and expansion. As part of the partnership, Darryl Siry, chief technology officer for SiriusPoint, will join the Broker Buddha board.

“We are excited to be partnering with the Broker Buddha team,” he said in a company press release. “They solve a very real problem of facilitating the completion of complex insurance applications between agents and the end customer. The team has a very strong product vision and deep technology expertise, which will expand their market opportunities as they continue to grow the core product.”

Broker Buddha was set up in 2017 and received seed funding from Vertex Ventures US in 2019. The company currently has more than 100 agencies as clients. SiriusPoint is a global insurer and reinsurer providing services for clients and brokers in almost 150 countries. It is Bermuda-headquartered with offices in New York, London, Stockholm and other locations around the world.

“Having a key player in the industry like SiriusPoint invest in Broker Buddha is amazing for us,” said Broker Buddha CEO Jason Keck in the release. “Its partnership and investment experience in InsurTechs is unrivaled and provides an exceptional opportunity for us to progress and grow.”

Source: SiriusPoint Ltd.