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September 18, 2019updated 19 Sep 2019 11:20am

Insurtech start-up Buddha rakes in $4.5m funding

American insurtech Broker Buddha has raised $4.5m in a funding round led by venture capital firm Vertex Ventures.

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The proceeds will be invested to expand the firm’s offering, increase staff headcount as well as boost marketing efforts.

To simplify the insurance application and renewal process, the online submission platform of Broker Buddha converts PDF insurance applications into interactive smart forms.

Visiting the agency website, prospects can complete applications online while returning clients can update their forms and sign electronically.

Broker Buddha CEO Jason Keck said: “The product transforms an outdated way of doing business that has long been frustrating and slow-moving for brokers and their clients. It frees up valuable time so agents can focus on what they love doing — taking care of their clients.”

Vertex Ventures partner Sandeep Bhadra said: “Broker Buddha’s product provides a crisp, modern interface driving massive efficiency gains for the client, broker, and underwriter.

“By relieving some of the tedium, they enable more of the white-glove, customised service business owners need and love. We’re excited to partner with a company driving such significant industry change.”

Broker Buddha is said to lower the time spent on applications and renewals by up to 80%. The insurtech is part of foundry and venture capital firm Interplay.

Free Report
img

What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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