Sproutr, a boutique insurance product design and build firm, has raised an undisclosed amount in seed funding that will be used to accelerate the execution of its technology roadmap and scale its growing team.
The seed round was led by Altai Ventures, a venture capital firm that concentrates on the fintech sector.
Headed by CEO & Founder JoAnne Artesani, Sproutr was designed to bridge the gap between innovation and execution, helping MGAs/MGUs, program administrators, and carriers navigate complex regulatory processes and internal structures.
Factors like translating early-stage ideas into viable, carrier-backed programs involving navigating complex regulatory processes, internal carrier structures, and uncertain timelines, can hinder innovation, Sproutr explains.
On the carrier side, rigid workflows and siloed responsibilities can also slow down decision-making, leading to missed market opportunities by launching products too late or chasing ill-defined business cases.
“Within virtually every entity that sells insurance products lies a team that is often not spoken about – a department responsible for developing policy language, drafting endorsements, and by doing so, one that defines the very promises that insurers make to their policyholders and without which they would not be able to operate,” explained Oleg Ilichev, Managing Partner, Altai Ventures.
“Developing effective product language comes from program management experience. Leading with outcome-based insurance insights, Sproutr has built a method that enhances these existing workflows and offerings by combining the best insurance product experts with modern technology to design insurance products and programs in a more efficient and strategic manner,” said Ilichev.
Sproutr team includes seasoned insurance professionals who have successfully launched and scaled insurance programs across the P&C spectrum.
The firm provides end-to-end advisory, authoring, and execution support across all stages of development, including: market validation, underwriting guidelines, form & rate development, regulatory filings, carrier paper strategy, post launch audits and more.
It currently supports over 35 customers and has launched over 60 products and programs in 2.5 years. Consumers include: Accelerant, Blitz Insurance, Boost, District Cover, Everspan, MGT Insurance Company, and Sertis, among others.
CEO Artesani, commented: “Having built, launched, and managed programs at AIG, Hippo, Hanover, and Attune, I know firsthand how hard it is to bring new insurance products to market even when you have access to the required parts (paper, capacity, & product).
“I founded Sproutr to direct my experience towards building a practice dedicated to propelling founders and program writers in executing their visions using smart, cost-effective, and pragmatic approaches. At Sproutr, we call this “Seeing Beyond”.
She added: “Today, we operate these principles at scale with a technology-driven, customer first approach and a growing team of incredible talent, which drove my decision to bring strategic capital into Sproutr.”
