(Image source: Snapsheet homepage.)
Snapsheet, a provider of cloud-native claims management software, announced today that it has raised $30 million in Series E2 financing. Ping An Global Voyager Fund (Hong Kong) and Pivot Investment Partners (New York led the round. Existing investors include Nationwide, Liberty Mutual, Intact Ventures, Tola Capital, Commerce Ventures, among others. Snapsheet says the new funds will be used to accelerate growth and add new functionality to the company’s claims management platform. Global Voyager’s Chief Investment Officer, Donald Lacey, will join Snapsheet’s board of directors. This funding brings Snapsheet’s total raised to date to more than $100 million.
Snapsheet describes its market proposition as providing simple and fast claims processes and experiences for insurance carriers, third-party administrators, insureds and vendors. The company asserts that its virtual appraisal software has evolved into the leading claims management platform that digitizes and intelligently automates the end-to-end process, from electronic first notice of loss to investigation to reserving and payment. Snapsheet says its claims solutions are designed with flexibility in mind and enable claims organizations of all sizes to see the benefits of digital, through the suite of cloud-native Snapsheet Cloud solutions: Snapsheet Claims, Snapsheet Appraisals and Snapsheet Payments, as well as through Snapsheet Appraisal Services.
17 New Software Clients since 2020
Snapsheet reports that it has processed millions of claims and more than $7 billion in appraisals for more than 100 clients, including many of the largest insurance carriers, third-party administrators, and insurance and sharing economy disruptors in North America. Since 2020, Snapsheet has added 17 new software clients.
“The digital transformation of insurance has accelerated tenfold in the last year, and demand for cloud technologies is higher than ever across the industry,” comments Donald Lacey, Global Voyager’s Chief Investment Officer. “Snapsheet’s cloud-native claims management platform is an end-to-end solution that can plug into the existing tech stack to digitize and automate processes through omnichannel engagement tools, no-code workflow engine and API-driven flexibility. This gives auto and home insurers an out-of-the-box platform to dramatically improve claims experiences. We’re thrilled to partner with Snapsheet on this next phase of growth.”
“As carriers and their customers are forced to work and engage virtually, we have seen demand for our technology skyrocket in the wake of COVID-19, and it’s here to stay,” comments Brad Weisberg, CEO and founder, Snapsheet. “By digitizing the entire claims process from start to finish, we’re able to automate any task, and empower insurers to provide exponentially better customer experiences at the most critical point in their customer lifecycle.”
Key Hires Planned
Snapsheet reportws that it will also use this most recent infusion of capital to make key hires across engineering and sales teams to fuel further product development and extend awareness.
“Snapsheet is a proven insurtech leader that has a demonstrated track record of pioneering digital innovation in the industry,” comments Akbar Poonawala, Co-founder of Pivot Investment Partners. “What the Snapsheet team has built is unmatched, and we are delighted to join them at such a pivotal time in the company’s growth.”