(Image source: Pixabay.)
Highwing, an InsurTech company created by Dallas-based IMA Financial Group to help commercial insurance brokers and carriers accelerate workflows through its open data platform, today announced that it has closed a $4 million fundraising round from several investor groups.
This investment round was led by a middle market subsidiary of BRP Group, Inc. (Tampa, Fla.), an independent insurance distribution firm delivering tailored insurance solutions, and BrokerTech Ventures, the industry’s first broker-led convening platform for innovation, ideation, investment, and communication. Several other investment groups also participated including BrokerTech Ventures member firms Holmes Murphy, The ABD Team, Conner Strong & Buckelew and Heffernan Insurance Brokers. They join SkyKnight Capital, Revolution’s Rise of the Rest Seed Fund, SpringTime Ventures, Cameron Ventures, AmWINS Group, and Service Provider Capital in supporting Highwing to build the future of commercial insurance.
“Our vision is to create an open data ecosystem that gives brokers the ability to rapidly deliver the holistic risk management solutions that today’s mid-market customers want,” comments Erik Mitisek, CEO, Highwing. “We’re humbled by the big vote of confidence we’ve gotten from leading industry investors.”
Reduced Effort and Time
Highwing, which reports having three of the top five global insurance carriers as clients, says it will use the seed funding to scale its engineering team and further expand its product suite by adding a placement engine that enables users to engage, organize, and submit insurance applications and collaborate with partners, through a single application. Using Highwing, brokers and carriers can dramatically reduce the effort and time required to place competitive policies, from new opportunity- to submission-to-quote-to-bind, a company statement says.
In explaining its market opportunity, Highwing notes that, according to market research the company conducted in 2019, 63 percent of commercial insurer CFOs said they use manual processes (spreadsheets and PDFs) via email to procure commercial insurance, despite 98 percent saying that they would operate more efficiently and 83 percent saying departments are more cost effective when using dedicated technology solutions. As a result, Highwing says, the company was created to empower commercial insurance brokers and carriers to improve growth and customer success through modernization.