Mulberri, the embedded business insurance platform for professional employer organisations (PEOs) and brokers, has raised $4m in seed funding.
The round was led by a consortium that includes Hanover Technology Management, MS&AD Ventures, and Altamont Capital Partners (via insurance enterprises in its portfolio).
According to Mulberri, the process of buying, selling and managing business insurance is complex and is becoming too slow, bogged down by manual workflows, archaic processes and low-tech solutions. Mulberri wants to change this.
Launched in 2021, the company’s solution is purpose-built for PEOs and brokers to enable them to come together to write business and help them make intelligent data-driven decisions. The platform provides smart submission intake, automated quote and bind, data-driven insurance management.
Mulberri said its platform also optimises business workflows, speeds up client acquisition and provides risk analytics by integrating with multiple systems such as HRIS, Payroll and others.
Joseph Malchow, founding partner of Hanover Technology Investment Management, said, “Mulberri’s embedded platform empowers each one of the critical parties –– the SMB, the PEO, the broker, and the carrier –– while meaningfully levelling up automation and ease of doing business for the industry as a whole. Mulberri uses the sort of convolutional neural networks that we have successfully deployed in other industries, from energy to defence.”
Embedded insurance is also a major trend from the customer end. Earlier this month, property and casualty insurer Chubb partnered with Royal Brunei Airlines to offer customers an embedded travel insurance product.
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