Cloud-native claims management platform Snapsheet has closed its Series E2 round on $30m.
The round was led by Ping An Global Voyager Fund and Pivot Investment Partners, with commitments also coming from existing backers Nationwide, Liberty Mutual, Intact Ventures, Tola Capital, Commerce Ventures and others.
With the capital burst, the company hopes to accelerate its growth and release new functionalities to its end-to-end claim management platform. Funds will also be used to hire staff for its engineering and sales teams.
In line with the deal, Global Voyager chief investment officer Donald Lacey will join the Snapsheet board of directors.
The InsurTech offers a simple and fast claims process for insurance carriers, third-party administrators, insureds and vendors.
Snapsheet claims its virtual appraisal software is the leading claims management platform that digitises and automates the end-to-end process, from electronic first notice of loss to investigation to reserving and payment.
The InsurTech company has processed millions of claims and over $bn in appraisals for more than 100 clients.
Global Voyager CIO Donald Lacey said, “The digital transformation of insurance has accelerated tenfold in the last year, and demand for cloud technologies is higher than ever across the industry.
“Snapsheet’s cloud-native claims management platform is an end-to-end solution that can plug into the existing tech stack to digitize and automate processes through omnichannel engagement tools, no-code workflow engine and API-driven flexibility. This gives auto and home insurers an out-of-the-box platform to dramatically improve claims experiences. We’re thrilled to partner with Snapsheet on this next phase of growth.”
The FinTech has raised a more than $100m in funding.
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