Insurtech start-up Sure raises $8m, launches phone cover plan
Insurance start-up Sure has raised $8m in a series A funding round for its individualised mobile app-based coverage products, with investment led by IA Capital. Menlo Ventures, FF Venture Capital, Nationwide Ventures, Assurant and AmTrust also backed the New York and Los Angeles-based firm. The investment came as Sure unveiled a new smartphone insurance policy, which customers can buy at any time on their phone. Proprietary technology is able to run checks on the phone's condition and offer a coverage plan within minutes, the company said of the product, which it calls the first of its kind.
SURE's new Smartphone Protection product can be purchased anytime during a mobile phone's lifetime, as long as the phone is in good condition. To test the health of a phone before approving a policy, SURE designed patent-pending technology that allows the company to run diagnostics virtually. The simple test takes a user under one minute. SURE's flexible and affordable policy is unlike any other insurance product on the market, particularly those offered by AppleCare and mobile network operators like Verizon, AT&T, and T-Mobile. The smartphone product is in partnership with Warrantech, a subsidiary of AmTrust Financial Services.

"SURE is fundamentally improving the insurance industry and making it digital through mobile tech, AI, and advanced data analytics, via our complete carrier platform in partnership with insurance companies," said Wayne Slavin, founder and chief executive officer, SURE. "Unlike any 'disruptors' in this industry, we take a contrarian approach. The existing insurance industry is strong, and SURE is making it stronger with enhancements to the distribution, administration, and claims process using technology."

"SURE offers best-in-class technology for insurance companies seeking to modernize their distribution strategy," said Alex Maffeo, Principal, IA Capital. "Consumer purchasing behavior in the insurance industry is changing rapidly and SURE offers a turn-key mobile distribution solution for its customers. We are extremely excited about the company's future - Wayne and his team are doing big things."

The insurance industry as it exists today will not look the same over the next decade. Brokers and agents are 59-years-old, on average, and 400,000 are expected to retire in the next five years. SURE has modernized the $5 trillion insurance industry by partnering with major insurance companies such as Nationwide, CHUBB, Marsh and Guy Carpenter. Since launching in January of 2016, SURE has sold over 20,000 policies. SURE now offers six different types of personal insurance categories: flight, baggage, renters, pet, wedding and smartphone insurance.

The funding will enable the company to continue product development, drive user acquisition, boost marketing initiatives and bolster the team with new hires.

For more information, visit https://www.sureapp.com/.

About SURE

SURE is an insurtech startup that provides multiple insurance products to consumers when they need it most and throughout their lifetime. Based in New York City and Los Angeles, SURE partners with the world's top insurance companies to offer Episodic and everyday insurance policies including flight, baggage, renters, pet, wedding and smartphone protection. SURE is available in all 50 states and on iPhone, Android devices and the web. For more information, visit https://www.sureapp.com/. Follow @SureHQ on Twitter, Facebook and Instagram.

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SOURCE SURE

Related Links

https://www.sureapp.com

