Insurance agency tech firm Veruna gets fresh funding
US-based tech company Veruna – which has developed an all-in-one agency management system for the insurance system built on Salesforce’s CRM platform – has raised US$10m in Series B funding.
The round is led by top-tier investors like Berkley Ventures, Guidewire Software, the Institutes, and CoVerica Insurance – and supported by additional backing from Keystone Insurers Group and EMC Insurance.
The fresh capital, Austin-based Veruna says, highlights the firm’s competitive edge as “the sole agency management system with CRM as well as carrier relationship management capabilities”. Its solution uses predictive analytics and no-code configurability to help players in today’s insurance industry boost revenue, improve efficiency, and elevate customer experience.
The new funds will be used to accelerate Veruna's product development and spur growth across key areas including engineering, sales, marketing, and customer success.
Veruna hails ‘significant support’ from investors
Veruna aims to solidify its market leadership position by launching new predictive analytics features and expanding its agent-assisted, straight-through digital processing and global footprint.
"We're thrilled by the significant support from industry leaders," says Jennifer Carroll, CEO of Veruna. "This funding gives us the fuel to push our vision forward and revolutionise the insurance sector.
"The real power [with Veruna] lies in having one unified system. Agents can shift their focus from administrative tasks to client advising.”
Clare Tokeim from Berkley Ventures continues: "Given the insurance industry's recent embrace of Salesforce and CRM tools, Veruna couldn't be better positioned. This isn't just tech; it's a strategic investment in making insurance agencies more effective and more efficient.”
It comes in the context of Veruna recently recruiting six experienced insurance industry insiders to act as advisors to the company. They include representatives from USAA and NFP, as well as the founder of a billion-dollar insurtech, and Veruna said at the time that their experience would help “drive strategic growth” at the company.
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