(Image source: Clearsurance homepage.)
Insurance reviewing site Clearsurance has raised $4 million in a Series A funding round to assist in the continued development and growth of its services. The company describes its mission as bringing transparency and insights to help consumers make smarter insurance decisions, and to engage insurance carriers to showcase their brand to acquire and retain customers by publishing crowdsourced reviews and ratings. The site has curated over 50,000 reviews on more than 350 insurance carriers in the home, rental and auto markets.
Clearsurance reports that the round was led by its CEO and co-founder Michael Crowe, and includes Davis Capital Partners, a Sausalito, Calif.-based investment firm with extensive expertise in the insurance sector. The funds will be used for strategic new hires as well as product-build and marketing efforts.
“I’m leading our Series A round because I believe so strongly in our mission,” comments Crowe. “Consumers now have an unbiased place to turn for information about their insurance options. Our mission is to help people make smarter insurance decisions based on real reviews and ratings from actual policyholders, and our crowdsourced platform allows them to learn from the experiences of others.”
Crowe says that that teaming-up with Davis Capital Partners was a natural step in expanding Clearsurance’s capacities. “We’re excited about the partnership,” said Crowe. “Davis Capital Partners’ experience and insights into this industry will be extremely valuable as we expand our capabilities.”
Goal of Increasing Transparency in the Insurance Industry
Clearsurance launched in 2016 with the stated goal of increasing transparency in the insurance industry and empowering consumers to make educated policy decisions. Designed to curate reviews from engaged consumers at every stage of their relationship with a carrier, Clearsurance characterizes its crowdsourced data as comprehensive, authentic and actionable for insurers seeking to bolster customer relations and extend their brand reach.
“We’re proud to invest in Clearsurance. It’s bringing an important new perspective to consumers at a very exciting time in insuretech,” comments Christopher Chouinard Davis Capital. “The platform is set to change how consumers learn about and buy insurance, and in turn, how insurers engage and communicate with them. We’re delighted to be a part of it.”