American insurtech startup BriteCo has secured $2m capital in seed funding round joined by Brian Spaly, the founder of Trunk Club, and Jeff Taylor, the former chairman and CEO at Cole Taylor Bank.
Illinois-based BriteCo partners with jewellers and enables them to help consumers insure fine jewellery, engagement rings and watches within minutes of purchase.
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Available exclusively through partner jewellers, BriteCo offers verified appraisals and immediate replacement coverage by insurance carrier HDI global.
BriteCo provides a zero-deductible policy that automatically updates protection every year leveraging advanced price analytics and predictive models.
The insurtech offers a cloud-based Appraisal Management System (AMS) to its partner jewellers, which is said to be faster and more accurate compared to the existing jewellery industry’s traditional manual processes.
Customers are provided with an immediate insurance quote through email or text after they complete the appraisal on the BriteCo AMS. The process enables users to buy coverage within minutes.
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By GlobalDataBriteCo founder and CEO Dustin Lemick said: “As a third-generation jeweller, my family and I have a long history delighting customers and helping them celebrate moments of joy in their lives.
“But the jewellery buyer is changing rapidly. Millennials now represent the largest jewellery buying demographic, and their expectations are different from those of prior generations. BriteCo helps jewellers by providing them with the optimal blend of online convenience and personal attention.”
Besides offering instant coverage to consumers and an automated AMS for jewellers, BriteCo fills several significant gaps in the jewellery market such as insufficient consumer protection, outdated coverage, and excessive time spent getting insured.
Jeff Taylor, one of the company’s investors, said: “Getting BriteCo licensed in virtually every state before officially launching is a testament to their hard work and the professionalism with which they’re approaching this big challenge.
“I’m excited to be a part of their push to modernise the jewellery insurance and appraisal process and to help millions of people across the US to protect their most valuable possessions.”
