The funding round was led by New Enterprise Associates, Inc. (NEA), with active participation from Goldcrest and Floating Point.
Launched in 2021, QuoteWell is committed to catering to agents who are frequently neglected and underserved due to the low premiums linked to their accounts. The company envisions a transformation of customer service for these agents through the deployment of in-house brokers. This approach is designed to streamline the identification and placement of risks, ultimately delivering a best-in-class experience.
The newly acquired capital will play a crucial role in expanding QuoteWell’s brokerage team, reinforcing its commitment to delivering top-notch service to agents and policyholders alike. Additionally, the funds will be utilized to enhance the underlying infrastructure, focusing on automation and operational efficiencies to streamline the insurance process.
QuoteWell, which has already hired 12 licensed brokers to support submission flow, distinguishes itself through the integration of AI-backed models. These models assist in coverage recommendations drawn from a diverse panel of over 45 carrier partners, ensuring a comprehensive and tailored approach to insurance solutions.
According to AM Best, the US market is anticipated to handle more than $100 billion in surplus line premiums in 2023, particularly in the area of insurance that wholesale brokers specialise in. QuoteWell highlighted that numerous wholesalers are advised to concentrate on accounts generating $25,000 or more in premiums.
Moreover, insurance carriers often view it as a risk to have their distribution heavily reliant on a small number of wholesale brokers.
Joey Bouchard, CEO and founder, said: “We see a huge opportunity to better serve a segment of the insurance business that is often underserved by incumbents and developed what we call a hybrid insurtech that aims to provide the best service and results for our customers.”
He continued: “As a part ‘software startup focused on the insurance sector’ and part ‘wholesale broker,’ we combine industry best practices with a forward-looking, innovative lens to deliver the most impact.”
According to AM Best, the U.S. market is anticipated to handle more than $100 billion in surplus line premiums in 2023, particularly in the area of insurance that wholesale brokers specialise in. QuoteWell highlighted that numerous wholesalers are advised to concentrate on accounts generating $25,000 or more in premiums. Furthermore, insurance carriers often view it as a risk to have their distribution heavily reliant on a small number of wholesale brokers.
Author: Joanna England
