Vertical Insure, the Embedded Insurance Platform for Platforms, Secures $4M in Seed Funding to Simplify Insurance Vertical Insure helps vertical software platforms drive revenue through embedded insurance.
Minneapolis, MN
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December 14, 2022 07:03 AM Eastern Standard Time
Vertical Insure, the embedded insurance platform for vertical SaaS platforms, today announced its $4 million seed round co-led by Rally Ventures and Dundee VC. Vertical Insure provides vertical SaaS platforms with embedded, white label insurance products that can be deployed to their current customer base.
The U.S. insurance market was valued at over $1.3 trillion in 2021. There is an enormous demand for the safety net that good insurance provides, but outdated technology and legacy practices have resulted in complex processes and expensive, cookie-cutter coverage. Companies and individuals end up with basic offerings that leave many needs unmet.
Vertical SaaS platforms have become the trusted operating and financial partners for the industries they serve. Customers run their entire businesses on these platforms and typically will first look to them for expanded products and services. Now, with Vertical Insure, SaaS companies can offer customized insurance options at the click of a button — resulting in added value and new revenue without any extra overhead or IT bandwidth.
Vertical SaaS leaders are experts in their vertical, but they aren’t experts in insurance. Vertical Insure is 100% built around each business and its customers, with tailored recommendations and guided integration. Companies can bundle the range of products their customers need, like event cancellation insurance and shipping protection, and make insurance part of any purchase in any vertical.
“Embedded insurance is a huge opportunity. In numerous industries the addition of embedded insurance has been shown to double the revenue of a vertical SaaS company. These platforms know the needs of their customers, and Vertical Insure leverages their existing data to recommend, underwrite and price customized coverage to ultimately create a more valuable product,” said Greg Beaufait, Partner at Dundee Venture Capital.
“Vertical SaaS platforms are ideally positioned to offer right-sized coverage. Leveraging their relationships, they can collapse applications down to a single checkbox at checkout and earn revenue for enabling ease of purchase. Platform businesses should get the full benefit of dramatically simplifying insurance for their customers,” said Brock Noland, Co-Founder and CEO of Vertical Insure and Founder and former CEO of Cloudera, Streamsets and phData.
“Insurance is a data business and vertical SaaS platforms have an immense amount of data from customers in their vertical to design customized insurance coverage and novel new products. The Vertical Insure founding team has decades of experience in data management and the insurance industry. This is the right team to reimagine insurance, and we couldn’t be more excited to partner with them on that mission,” said Justin Kaufenberg, Managing Director at Rally Ventures and Co-Founder and former CEO of SportsEngine, a vertical SaaS platform that sold tens of millions of dollars in embedded insurance.
About Vertical Insure
Vertical Insure is the embedded insurance platform built for vertical SaaS platforms. The company offers customized insurance options that are 100% built around each business and its customers, resulting in added value and new revenue without any extra overhead. Make insurance part of any purchase in any vertical with Vertical Insure. For more information, visit www.verticalinsure.com.
About Dundee Venture Capital
Dundee Venture Capital was formed in 2010 to lead seed rounds in regions and entrepreneurs historically underserved by venture capital. Dundee has more than $90M under management across three funds and has invested in more than 50 world-class founding teams in 20 different cities. For more information visit dundeevc.com.
About Rally Ventures
Rally Ventures invests exclusively in early-stage business technology companies, focusing on entrepreneurs creating major new markets or bringing transformative approaches to existing ones. Since 1997, Rally Ventures' partners and venture capital industry veterans have invested in or run early stage enterprise business-to-business technology companies with a proven ability to deliver superior returns regardless of the overall market environment. For more information visit www.rallyventures.com.
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Rally Ventures
Rachel Subasic
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