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Embedded insurtech INSHUR secured $19 mn for global expansion

Embedded insurtech INSHUR secured $19 mn for global expansion

INSHUR, a global embedded insurance provider for the on-demand economy, has raised $19 mn in a recent funding round. Viola Growth led this round, with support from MS&AD Ventures and other investors.

This brings INSHUR’s total funding to $78.5 mn, a notable achievement amid tighter tech investment focusing on growth, profitability, and strategic positioning.

Natalie Refuah, General Partner at Viola Growth, will join INSHUR’s board as Chairperson. With extensive experience in scaling global businesses, Refuah brings valuable insight to INSHUR’s leadership.

In 2023, INSHUR achieved nearly 4x growth and expanded its U.S. services after acquiring American Business Insurance Services (ABI) in April.

This funding marks another milestone for INSHUR, reinforcing its lead in on-demand economy insurance. The capital will help INSHUR scale operations, particularly in the U.S., build partnerships, and expand its team of insurance and technology experts.

Embedded insurtech INSHUR secured $19 mn for global expansion

As part of this growth, INSHUR has appointed Bill Walrath as Director of U.S. Markets. With over 20 years in insurance leadership, Walrath will oversee U.S. operations, including reinsurance and carrier management. Previously, he served as Head MGA/Reinsurance at Gateway, where he led growth initiatives and managed reinsurance placements.

Since 2018, INSHUR has collaborated with Uber to deliver tailored insurance products for on-demand drivers. INSHUR’s partnerships with leading platforms have been pivotal in driving growth.

As the global car-sharing market is projected to reach $15.78bn by 2029, INSHUR’s car-sharing insurance product saw 100% growth this year and is set to triple growth in the upcoming period.

On-demand economy insurance remains a challenge for many drivers. INSHUR’s recent report, Driving the On-Demand Economy, highlights that a quarter of U.S. drivers struggle with the financial burden of vehicle insurance, with many calling for support from platforms. Men are six percentage points more likely than women to prioritize better pricing, while women show a greater need for assistance in purchasing insurance.

INSHUR addresses these challenges through advanced underwriting and claims handling, using an AI-enabled platform. This technology helps optimize customer satisfaction and retention and supports a competitive loss ratio.

Dan Bratshpis, INSHUR’s CEO and Co-Founder

The future is on-demand. The way we access services has transformed rapidly. Nearly half of drivers have doubled their hours in the past year, and we are committed to ensuring fair and accessible insurance for these drivers

Dan Bratshpis, INSHUR’s CEO and Co-Founder

He added, “2023 was a pivotal year, and we appreciate our investors and partners who share our goal of leading on-demand economy insurance.”

Natalie Refuah of Viola Growth remarked, “Insurtech companies focused on specialized insurance and strong operational performance have scaled rapidly. INSHUR’s unique approach to on-demand insurance, combining cutting-edge technology with deep expertise, has positioned it as a market leader. We are thrilled to support this journey.”

Elias Davis of MS&AD Ventures added, “INSHUR’s blend of insurance and technology expertise modernizes global solutions for the on-demand economy, making it a strong addition to our portfolio as we look forward to supporting its growth.”

The INSHUR story begins in 2016 with Dan Bratshpis in New York City. Coming from an immigrant background, many of Dan’s family were cab drivers who’d come to the US to pursue the American dream.

Dan saw first hand how the rise of Uber and Lyft had changed the landscape of the taxi industry – ushering in a new digital era and bringing many drivers into the market. However, he also found that purchasing commercial auto insurance was still very traditional and backwards in comparison, with complicated paperwork and in-person requirements.

He saw an opportunity to provide these drivers with a more transparent and flexible way to get the correct insurance. That’s when he met co-founder David Daiches. Together, they built the first iteration of INSHUR.

Today, the world has evolved from taking taxis on-demand to ordering food, goods, and groceries and accessing services at the press of a button.

As the world shifts towards an on-demand economy, INSHUR has emerged as a leading global provider of embedded insurance, serving this dynamic market. With offices in the US, UK, and Netherlands, we deliver award-winning insurance solutions globally to some of the world’s largest brands, including Uber and Amazon.