Layr, an Atlanta-based InsurTech startup that uses artificial intelligence and machine learning to help small businesses customize commercial insurance bundles, has announced a $10M Series A funding round. The round was led by HSCM Ventures, with participation from MGV, Sandbox Industries, Flyover Capital and Hannover Digital Investments. Also participating is an experienced group of insurance brokerages and professionals from The Plexus Groupe, IMA Corp, Holmes Murphy, The Partners Group, The Graham Agency, Broker Tech Ventures, and other insurtech. Brandon Baron will join Layr’s Board of Directors as a representative of HSCM Ventures.
Layr describes its offering as an AI-powered cloud platform digitizing the entire InsurTech stack by allowing small businesses to assess and select the right coverage in about 12 minutes. Layr’s proprietary algorithm generates a quote and sends a complete package to underwriters. By combining tools like a digital storefront, customer service portals, and licensed human agent support, Layr offers a comprehensive solution that allows insurance brokers and agents to serve more clients while increasing the quality of their service. Layr works without an API, meaning that it can be integrated immediately with existing analog workflows.
Layr says the funding will be used to double its team and grow its footprint amongst insurance agents and brokers, while adding new technology advancements that further enable greater access to the insurance market for small businesses.
“Our mission is to empower insurance brokers and agents with a world-class digital experience. This serves their clients better, but also makes existing workflows more efficient,” comments Phillip Naples, Founder and CEO, Layr. “This funding round will enable the amazing team at Layr to maximize brokerages profitability and deliver the optimal experience for their insureds, and I’m extremely proud of the work we’ve done!”
“Layr helps weaponize its agents with immediate quotes and faster underwriting,” comments Brandon Baron, VP, HSCM. “We believe this will unlock an enormous amount of efficiency for the insurance market.”
Layr currently supports property/casualty insurance agencies and brokerages across all 50 states by providing technology to efficiently sell and service tens of millions of dollars’ worth of premium across their books. Over 2022, Layr says it will expand its technology to offer tailored solutions to agencies of all sizes, release new features to enhance the experience of brokers and clients alike, and partner with leading technology providers in support of independent brokers.
Source: Insurance Innovation Reporter
