(Image source: Waffle homepage.)
Waffle, a New York-based creator of a consumer platform for individuals to solve all their insurance needs, has announced a $5 million seed round led by Verve Ventures (Zug, Switzerland), with participation from BetterLabs Ventures and Techstars. This news comes alongside Waffle’s official launch in both iOS and web, which is available across all 50 states and connects users with top-rated nationwide insurance providers in minutes. The Waffle app can be downloaded free of charge in the iOS App Store.
Based on of research completed at MIT on holistic coverage and risk pricing, Waffle describes its solution as an all- in-one app that puts all of a consumer’s insurance needs in one easy-to-use place. “In simple terms, Waffle offers the ‘YOU’ insurance—one platform to protect you, everyone and everything you love. This includes your car, home, life, travel, pet, digital life, identity, friends and family,” a Waffle statement says.
Waffle says it partners with insurance carriers to offer its users simple, fully customizable products with broad coverage and limited to no exclusions. Waffle’s partners include MassMutual’s Haven Life Agency (Life), Blink by Chubb (Cyber), Crum & Forster Pet Insurance (Pet), Arch RoamRight (Travel), Clearcover (Auto), and Boost (Renter’s).
With these carriers and distributors, Waffle says it is able to allow users to meaningfully insure the most important aspects of their lives conveniently with a minimum amount of time spent. For example, users can sign up for life insurance in mere minutes, with no medical exam needed, the Waffle statement says. Using the app, Waffle says, consumers can provide their pets with one of the broadest health and wellness coverage on the market; they can also protect themselves and their loved ones against hacking, identity fraud and cyber bullying and harassment.
The technology behind Waffle includes a proprietary holistic risk model named Galileo, a risk mitigation engine named Y.O.D.A. (Your Own Derisking Assistant), and a proprietary onboarding engine.
“Insurance is one of the most important and necessary things in a person’s life, yet it’s also one of the most frustrating,” comments Quentin Coolen, CEO & Co-Founder, Waffle. “Americans are constantly struggling when it comes to insurance: less than ideal coverage, the cost of needing to go out of network, lack of risk mitigation, etc. It doesn’t need to be this difficult or convoluted of a process, and that’s why we set out to make Waffle. We want to provide people with a sense of security and safety when it comes to the things that matter most in their lives.”
At launch, Waffle is offering Pet, Travel, Life, Cyber, and Renter’s insurance. Auto and Home insurance will be available to users by the end of June, the Waffle statement says.
“We like to invest in companies that are changing the way the world works with science and technology,” comments Wassim Matar, Managing Partner, Verve Ventures. “Waffle is doing just that by revolutionizing how the average person insures the most important parts of their life. Insurance affects everybody and everything, which is why we want to invest in companies like Waffle that are improving upon the very antiquated and out of touch system we currently operate under.”