(Image source: InShare homepage.)
InShare, an InsurTech offering tailored risk management products and services, has completed a seed funding round of $7.5 million, from ManchesterStory (Des Moines), The Hive (Palo Alto, Calif.) and Avanta Ventures (Mountain View, Calif.), to enable expansion into new market segments. The company says the funding will also help with the buildout of technology, bringing innovative products to market that help mobility companies grow, the launch of new ventures, and providing gig worker protections and insurance benefits.
“We are the first InsurTech company to solve both sides of the insurance challenge, enabling companies to control costs and scale new products profitably while also providing affordable protections for independent workers on whom these industries depend,” comments Mark Warnquist, cofounder and CEO, InShare, who previously worked at Uber.
InShare also recently added two key members to its leadership team. Brandy Mayfield, a pioneer underwriter in the field, who helped establish and run Allstate’s Shared Economy practice, joined InShare as chief underwriting officer. Pooya Sarabandi, an InsurTech veteran, who built and scaled up several startups, also joined InShare as chief technology officer. A Stanford Ph.D., Sarabandi’s passion is building high-impact innovative products using the power of data analytics.
Need for Greater Access to Insurance
“Insurance is a major expense item for the sharing economy and can be a barrier to company growth and product launches,” Warnquist comments. “For the independent workers on whom the sharing economy depends, there is a strong need for greater access to insurance and other work benefits that employed workers may take for granted.”
InShare recently partnered with Mobilitas Insurance to distribute insurance coverage for commercial fleet owners focused on last-mile delivery services. The start up is also building an insurance program for one of the world’s largest logistics companies.