Insurtech platform QuoteWell has “come out of stealth”, following a $15m Series A funding round led by New Enterprise Associates (NEA).
The round was also joined by Goldcrest and Floating Point.
Set up in 2021, QuoteWell is a wholesale brokerage focused on the distribution of commercial insurance.
Headquartered in Austin, Texas, US, QuoteWell has now raised more than $20m from investors.
The insurtech plans to use the new funding to expand its brokerage team and bolster its infrastructure that supports automation and operational efficiency.
Concurrently, QuoteWell announced the launch of brokerage operations aimed at catering to independent retail agents.
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QuoteWell uses technology and human capital to service its consumers in a semi-automated manner.
It employs 12 licenced brokers to help with the submission flow and leverages models powered by artificial intelligence to help with coverage suggestions from its network of more than 45 carrier partners.
QuoteWell CEO and founder Joey Bouchard said: “We see a huge opportunity to better serve a segment of the insurance business that is often underserved by incumbents and developed what we call a hybrid insurtech that aims to provide the best service and results for our customers.
“As a part ‘software startup focused on the insurance sector’ and part ‘wholesale broker’, we combine industry best practices with a forward-looking, innovative lens to deliver the most impact.”
NEA partner and head of technology Rick Yang said: “We are excited to partner with QuoteWell as they lead progressive change in a growing market of the insurance industry.
“We believe Joey and the QuoteWell team have proven the value of and the opportunity in marrying human relationships with automated systems, data and software for best-in-class outcomes.”