Insurtech GloveBox, a single sign-on mobile platform for insurance agencies, policyholders and carriers, has received a $3m investment.
The round was led by Mercato Partner’s Prelude Fund with help from Heffernan Insurance Brokers and also other industry veterans.
The firm intends to use the investment to expand features and enhance the functionality of its products.
Who is GloveBox?
GloveBox was created by co-founders Ryan and Andy Mathisen, Sean Mulhern, and Alex Rolex after their experiences at Colorado Insurance. As a result, they wanted to create a tech-forward mobile marketplace to allow independents to beat larger, incumbent carriers.
Founded in 2019 and launched in 2020, it is dedicated to removing the frustrations out of the insurance process. Customers can access all policy documents directly from their insurance carrier, pay a bill, and initiate a claim through mobile or web.
Since launch, the insurtech has singed up over 100 agencies.
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“As former insurance executives, we know the issues facing smaller, independent carriers, including the lack of technology at their disposal,” said Ryan Mathisen, co-founder and CEO of GloveBox.
“With this funding, we will dramatically expand and accelerate our platform development reaching more agency partners faster and more efficiently. GloveBox is changing the way that policyholders interface with the independent channel and this is only the beginning for us.”
“GloveBox has unique technology that is disrupting the insurance industry,” said Zach Sivertson, managing director at Prelude.
“The GloveBox team understood the challenges facing this market and from their experience, built a platform that elegantly solves the problems facing the 36,000 independent agencies and their clients.”