Enhance Insurance coverage Secures $14 Million Via Sequence A Funding Spherical to Develop Infrastructure-As-A-Service Platform

Enhance Insurance coverage just lately introduced it secured $14 million by means of its Sequence A funding spherical, which was led co-led by Coatue and Graycoft with participation from Tusk Enterprise Companions, Conversion Capital, and MetLife Chairman, Glenn Hubbard.  Current buyers Norwest Enterprise Companions and IA Capital Group additionally participated. The funds can be used to develop its infrastructure-as-a-service (IaaS) platform. The funding brings Enhance’s whole funding to $17 million.

Based in 2017, Enhance claims its platform makes it easy to construct into and monetize the insurance coverage vertical by packaging all of the back-end parts wanted to develop, launch, and handle a program.

“Enhance’s absolutely compliant IaaS platform comes outfitted with the end-to-end insurance coverage infrastructure that’s difficult and cost-prohibitive for corporations to construct in-house. This contains data-driven insurance coverage product improvement, appointment by an ‘A’-rated insurance coverage provider, and devoted threat capability backed by world reinsurers. Accessible by means of a easy API integration, Enhance additionally allows automated claims administration, compliance, and complex knowledge analytics for its distribution companions.”

Whereas sharing particulars concerning the funding spherical, Alex Maffeo, CEO and Founding father of Enhance, acknowledged:

“The P&C insurance coverage business is a $600 billion a yr rising market. Enhance is uniquely positioned to supply the infrastructure for contemporary insurance coverage merchandise to be supplied by digital innovators throughout any business. We’re grateful to associate with this unbelievable group of buyers. Their backing validates the progress we’ve got made in the direction of powering an insurance coverage ecosystem for the fashionable world.”

Bennett Siegel, Accomplice at Coatue, added:

“Coatue invested in Enhance due to the momentum they’ve created throughout the insurance coverage ecosystem through its easy, API-driven insurance coverage resolution. Enhance drastically reduces the complexity and overhead confronted in constructing a significant insurance coverage enterprise – whether or not its companions are insurtech startups or enterprise-level expertise manufacturers. This essentially adjustments the way in which customers work together with insurance coverage by enabling them to buy it from the manufacturers they know and belief. We’re excited to collaborate with Enhance because it continues to supply the infrastructure for the subsequent era of insurance coverage.”