SiriusPoint is going into partnership with Broker Buddha to help simplify submissions.
The partnership comes after SiriusPoint led the $5m investment round that will enable Broker Buddha to increase sales capacity, enhance the product, develop new offerings, and accelerate the company into a new phase of growth and expansion. As part of the partnership, Darryl Siry, CTO for SiriusPoint, will join the Broker Buddha board.
Siry said in a statement that he was excited about the new partnership.
He added: “[Broker Buddha solves] a very real problem of facilitating the completion of complex insurance applications between agents and the end customer. The team has a very strong product vision and deep technology expertise which will expand their market opportunities as they continue to grow the core product.”
Broker Buddha was set up in 2017 and received Seed funding from Vertex Ventures US in 2019. The company currently has over 100 agencies as clients and its technology replaces email, fax, PDFs, and spreadsheets, resolving inefficiencies for agents and carriers caused by issues such as inaccurate and incomplete submissions.
Siry went on: “While many insurtechs focus on solving the problem of submission management for carriers, Broker Buddha is focused on enhancing the efficiency of the independent agent and their customers. The value of the product is self-evident in revenue retention ratios higher than 100% year over year. Similar to DropBox’s early growth, gaining initial adoption with an agent inevitably leads to growth within the agency as people experience the product.”
This is not an isolated case of SiriusPoint striking up a new partnership. In recent weeks, the firm has gone into business with Players Health with the former providing the latter with a combination of P&C and accident & health coverage. That announcement followed another a fortnight before when it said it was going to become a ‘strategic investor’ in Mosaic.
Headquartered in Bermuda, SiriusPoint launched in February 2021 as one of the first fully formed re/insurers of the Class of 2020, following the merger of Third Point Reinsurance and Sirius International Insurance Group.
The company fell to a net loss of $140m in Q4 2021 but reported income of $45m for the full year, as catastrophe losses dented the company’s underwriting performance.
