Insurtech startup SURE has closed an $8 million Series A round. IA Capital led the round, with Menlo Ventures, FF Venture Capital, Nationwide Ventures, Assurant and AmTrust also participating. The funds will be devoted to user acquisition, product development, marketing and staff increases.
SURE also unveiled Smartphone Protection, its sixth insurance category. Smartphone Protection can be purchased at any time, provided the phone is in good condition. SURE’s patent pending technology includes virtual diagnostics testing that can assess the phone in less than one minute. The product is offered in partnership with 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,” SURE founder and CEO Wayne Slavin said. “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.”
In a release SURE said the insurance industry is on the eve of massive change as 400,000 brokers and agents are expected to retire by 2022. The average age of brokers and agents is 59.
SURE has sold more than 20,000 policies since it debuted in January 2016. It also offers flight, baggage, renters, jet and wedding insurance.