American Family Insurance joined a brand new $43 million financing round for Clearcover, a managing common agent with a synthetic intelligence-driven platform targeted on automotive insurance coverage.
The Chicago-based insurtech startup stated its Series B financing was led by Cox Enterprises. American Family Ventures additionally participated, together with IA Capital Group, Lightbank and Hyde Park Angels. Silicon Valley Bank offered debt financing.
The firm formally launched in early 2018, and began selling in California. It now has distribution companions within the automotive, insurance coverage and monetary companies industries including Cars.com, The Zebra and Chime.
Clearcover CEO Kyle Nakatsuji stated the brand new financing will help the MGA develop into further states, pursue new distribution companions and additional put money into its data-driven platform, which uses synthetic intelligence to make protection suggestions.
Clearcover pitches its API platform as a solution to streamline the insurance coverage shopping for course of and eradicate the necessity for extreme advertising and marketing. The firm additionally claims it could actually save clients 50 p.c on automotive insurance coverage.
Clearcover introduced an initial $11.5 million funding round in 2017 led by Lightbank, with participation from Greycroft Partners, 500 Startups, Silicon Valley Bank and quite a lot of unnamed insurance coverage and fintech buyers.
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