(Image source: Assurely homepage.)
Assurely, an InsurTech providing embedded insurance-as-a-service, announced today the closing of a seed round led by ATX Ventures, with participation from additional strategic investors with deep insurance and technology value. The current round brings Assurely’s total funding to just over $3.7 million.
Assurely describes its mission as developing insurance products for changing customers, new industries and innovative marketplaces, faster and more profitably than existing insurance providers.
“Everything the founding team has done personally and professionally is prologue to this massive opportunity, including [co-founder] Ty Sagalow’s groundbreaking work as a founding member of Lemonade and his pre-Lemonade work creating cyber insurance, Y2K, the modern-day D&O form and other products fundamental to insurance today,” comment Chris Shonk, co-founder and partner, ATX Ventures. “Assurely is absolutely the exact right team positioned at the exact right time to capture this market. ATX is thrilled to back such an exceptional and ambitious team to lead their debut institution round of funding.”
Assurely reports that this investment round will enable the firm to aggressively expand its technology infrastructure and to bring more products to market rapidly. A key aspect of that expansion will be the addition of top-tier talent for the Assurely team, the company says.
“We are excited to have made Austin, Texas, our home base, with a talented team working remotely as well. We are lucky to be surrounded by such a rich pool of talent and innovation here, as well as a supportive and knowledgeable investor base,” comments David Carpentier, co-founder and CEO of Assurely. “It is all hands on deck to capture the revolutionary opportunities in this space.”
Emerging Market of Insurance Distributed Through other Entities
Assurely’s funding announcement notes that, according to Bain, 80 percent of millennials are open to the idea of purchasing insurance through entrants outside the insurance industry. The company says it is pursuing this market, developing precisely targeted products for non insurance-native partners to embed in their buying process, offering what it calls an extraordinary level of convenience and affordability for customers needing to mitigate risks.
Assurely has launched its first product, TigerMark, a Directors & Officers–like insurance program targeting the massive changes in how companies use technology and the internet to find investors and raise capital, primarily via the JOBS Act—Reg A, Reg CF and Reg D-506(c). Assurely asserts that no other insurance company is currently providing appropriate insurance for this market except through its TigerMark insurance program.
Assurely will be going live with its second product with what it characterizes as a large and growing partner in Q4 2020.