- Department — a technology-driven dwelling and auto insurance coverage firm — has raised $24 million in Collection A funding. These are the main points.
Department — a technology-driven dwelling and auto insurance coverage firm — has raised $24 million in Collection A funding. This spherical of funding was co-led by Greycroft and HSCM Bermuda with participation from present traders American Household Ventures and Revolution’s Rise of the Relaxation Seed Fund in addition to new traders SignalFire, SCOR World P&C, Elefund, Basis Capital, and people from Stone Level Capital.
Most conventional insurance coverage corporations require prospects fill out insurance coverage functions with a whole bunch of questions. And Department developed a method to bundle dwelling and auto insurance coverage with simply two — your identify and deal with. And now prospects can bundle their insurance coverage in seconds.
Department has remodeled the expertise of bundling dwelling and auto insurance coverage, streamlining the method to take solely seconds by asking shoppers for simply their identify and deal with. Plus Department’s seamless information integrations get rid of the standard insurance coverage utility and quote estimate, presenting shoppers with an instantaneous and purchasable price as a substitute of simply an estimate.
Up to now 12 months, Department has launched in Arizona, Illinois, Missouri, Ohio, and Texas. And the Collection A funding will spearhead a strategic nationwide growth plan by way of 2021.
Department’s modern expertise can simply be built-in into home-financing and car-buying web sites. And residential and vehicle sellers love including Department to their website because it equips prospects with insurance coverage with out a large drop-off in conversion charges. And prospects don’t must dig up extra data to use or look ahead to a quote so they’re extra more likely to full their buy.
Department is bringing the insurance coverage business again to its roots as a pressure for communal good — which is why it affords its shoppers quite a lot of instruments to tailor their protection and decrease their very own costs with the facility of group.
And Department has already launched two groundbreaking group packages: My Group Low cost and Group Pledge — which harnesses the facility of group to make insurance coverage extra accessible and reasonably priced. Plus Department additionally began a 501(c)(3) non-profit referred to as SafetyNest, which is chartered to insure the financially excluded and decrease the price of insurance coverage for everybody.
Shoppers have been saving a median of $517 once they swap to Department.
“Branch is on a mission to make home and car insurance less expensive for all, enabling more of us to be financially protected from life’s uncertainties. This investment further equips Branch to bring instant, financially strong, and less expensive insurance to so many more.”
— Department Cofounder and CEO Steve Lekas
“Branch’s unique instant-bind capability, allowing people to buy bundled home and auto insurance after only giving their name and address, has never been possible before. Branch also brings community back to insurance in a way that reduces cost and increases the number of people who can get coverage, which is beneficial to all.”
— Ian Sigalow, Cofounder & Companion of Greycroft
“We have followed the Branch story since 2018 and are thrilled to have the opportunity to co-lead the round. Branch has innovated across many critical areas of the insurance value chain – distribution, technology, risk management, and capital.”
— Vikas Singhal, Companion & CIO of HSCM Bermuda’s insurtech efforts