Insurtech startup Layr has raised $10 million in Series A funding round, which was led by HSCM Ventures, with participation from MGV, Sandbox Industries, Flyover Capital, and Hannover Digital Investments.
The funding will go towards the expansion of Layr’s team and grow its footprint amongst insurance agents and brokers while adding new technology advancements.
The insurtech also announced a partnership with insurtech VCs and a team of insurance brokerages and insurtech veterans for their Series A funding.
Also participating is an experienced group of insurance brokerages and professionals from The Plexus Groupe, IMA Corp, Holmes Murphy, The Partners Group, The Graham Agency, Broker Tech Ventures, and other insurtechs.
Brandon Baron will join Layr’s Board of Directors as a representative of HSCM Ventures.
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 centre.
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.
By combining tools like a digital storefront, customer service portals, and licensed human agent support, Layr’s solution 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.
Phillip Naples, Layr Founder, and CEO commented: “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.
“This funding round will enable the amazing team at Layr to maximise brokerages profitability and deliver the optimal experience for their insureds, and I’m extremely proud of our work.”
Brandon Baron, Vice President at HSCM added: “Layr helps weaponise its partner agents with immediate quotes and faster underwriting. We believe this will unlock an enormous amount of efficiency for the insurance market.”
