Insurtech startup QuoteWell unveiled its “innovative” approach to the insurance industry as it emerges from stealth mode.
The company, founded in 2021, has raised over $15 million in a Series A funding round led by New Enterprise Associates, Inc. (NEA), with participation from Goldcrest and Floating Point.
Joey Bouchard, CEO and Founder of QuoteWell, emphasised the need to serve an underserved segment of the insurance industry.
He described QuoteWell as a “hybrid insurtech” that combines traditional industry best practices with forward-looking innovation, with the ultimate goal of delivering the best possible results for their customers.
The U.S. insurance market is set to process more than $100 billion in surplus line premiums in 2023, a niche specialty of wholesale brokers, the insurtech noted.
Despite the growth, consolidation within this space has left many smaller agents, including mom-and-pop shops, underrepresented. Insurance carriers are also wary of over-relying on a few wholesale brokers for their distribution, QuoteWell added.
QuoteWell adopts a semi-automated approach to serve its customers, blending human expertise and technology. The company has assembled a team of 12 licensed brokers to support submission flow while utilising AI-backed models to assist in coverage recommendations from their network of over 45 carrier partners, the company said.
As a result, QuoteWell’s brokers can provide coverage recommendations swiftly, with response times of less than two hours for agents, it added.
Rick Yang, Partner and Head of Technology at NEA, expressed enthusiasm for the partnership with QuoteWell, acknowledging the company’s role in driving progressive change within the growing insurance industry.
He commended QuoteWell for its ability to seamlessly integrate human relationships with automated systems, data, and software to deliver exceptional outcomes, ultimately advancing efficiency and results in this vital sector.
