Layr, an Insurtech company for independent commercial insurance brokerages, has secured $10m in its recent funding round.
Cota Capital led this investment endeavour, with notable contributors such as The K Fund, HSCM Ventures, Sandbox Industries, and Flyover Capital, showing their support.
Layr has been at the forefront of revolutionising the insurance tech landscape. Their platform is designed to bring a digital and data-driven shift to the intricate manual workflows inherent in small business insurance. Through their innovative solutions, brokers can effectively serve up to six times more small business clients, elevating their business units to high-profit margins.
The raised funds are earmarked to enhance Layr’s platform functionality tailored for brokers and amplify their go-to-market operations. The primary goal is to support independent insurance brokerages by harnessing Layr’s cloud-based tools, ensuring a significant rise in broker profitability and heightened customer satisfaction in small business insurance tasks.
Layr’s founder and CEO, Phillip Naples, remarked, “One of every four dollars in the GDP goes through the insurance industry, yet it’s glacially slow to change. Many of the tools to distribute and service insurance products are outdated, using the same technology as when I entered the industry 20 years ago. Layr’s changing that for underwriters, brokers, and policyholders.
“When brokers use Layr for their small business insurance management, their policyholders receive insurance services that are as easy and painless as their online banking. With Layr, broker partners handle more clients with ease and at higher margins, all while gaining valuable business intelligence. It’s time to bring small business insurance into the 21st century.”
Stewart Pond, principal at Cota Capital, added, “Layr’s platform is built by veterans of the commercial insurance industry who understand the challenge that brokerages face to service small business customers. The small business insurance market is large and growing but inherently costly to manage. The challenge is compounded further by an undersupply of licensed account managers, acting as a bottleneck to longer-term growth of the brokerage. Layr aligns their incentives with the broker, by leveraging its platform to service customers at higher profit margins while ensuring a best-in-class experience..”
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