Stere, a digital solution designed to tackle speed-to-market, capacity sourcing, and other challenges relevant to managing general agents and insurers, has closed its $2 million seed funding round.
Stere connects “capacity seekers” like MGAs, program administrators and embedded insurance platforms with carriers and reinsurers.
Data analytics essentially aid MGAs, brokers, and others with a more efficient process generating smarter and more profitable results.
MGAs and other capacity seekers also gain access to difficult-to-reach alternative risk capital providers.
The round was led by Fin VC with key participation from Plug and Play Ventures, Sandalphon Capital and Hartford Investment Management Company (HIMCO).
Other participants include angel investors Rob Johns, First VP, Alliant Insurance Services and Charter Board Member, TiE of Oregon, and Shamir Karkal, co-founder and CEO of Sila, Inc.
“Matching insurance capacity seekers with capacity providers is an inefficient process that relies on outmoded conventions and technologies. Stere simplifies the process and significantly improves the chances of long-term successful partnerships,” said Dogan Kaleli, CEO of Stere.
“We are delighted that our investors recognize the enormous opportunity to modernize and transform this essential process within the insurance supply chain.”
To date, Stere has brought aboard more than 40 MGAs representing $1.2 billion in annual premium. Additionally, three embedded insurance deals have closed.
“Stere is well positioned to succeed in a fast-growing segment of the insurance industry that is ripe for modernization,” said Emy Donavan, Venture Partner of Fin.
“The company has identified a clear need in the insurance program business, and offers an innovative, technology-driven solution. We are pleased to support Stere’s growth in this dynamic market.”
Stere will use the funds from this round to grow staff, enhance its portfolio of data analytics, expand its footprint in the MGA and embedded insurance segments, and launch new APIs to better facilitate integration between capacity seekers and providers.