Insurtech startup Layr raises US$10mn in Series A funding
Layr, an Atlanta-based insurtech startup using artificial intelligence (AI) and machine learning (ML) to help brokers and agencies efficiently sell and service small business insurance, has raised US$10mn in Series A funding.
The round was led by HSCM Ventures, with participation from MGV, Sandbox Industries, Flyover Capital, and Hannover Digital Investments.
The funding will double Layr’s team and grow its footprint amongst insurance agents and brokers while adding new technology advancements that enable small businesses greater access to the insurance marketplace.
Providing digital experiences for insurers
Layr is an AI-powered cloud platform digitising the entire insurance process by enabling brokers to sell, service, and renew traditionally time-consuming policies in a private-labeled service center.
When a new client is shopping for policies, Layr’s proprietary algorithms quote pricing while simultaneously shopping the pre-written package to underwriters – without any broker touch or use of APIs. Following carrier placement, the end-client can then service their own policies and access proof of insurance from the broker-branded portal.
“Our mission is to empower insurance brokers and agents with a world-class digital experience. This serves their clients better and makes existing workflows more efficient,” said Phillip Naples, Layr Founder, and CEO. “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 our work!”
Using technology to offer tailored solutions
By combining tools like a digital storefront, customer service portals, and licensed human agent support, Layr offers a top-to-bottom solution that allows insurance brokers and agents to serve more clients while increasing the quality of their service. Additionally, Layr works without an API, meaning agencies can immediately integrate its services with existing analog workflows.
Layr currently supports leading P&C 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 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.
