The insurtech intends to utilise the latest investment to introduce a new array of medical malpractice products, enhancing its platform and growing distribution networks.
The proceeds from the fundraising round will also be used to launch a portal for brokers to facilitate them in filing and binding medical malpractice coverage online for physicians.
Why it matters
NOW Insurance CEO Philip Cabaud said: “I am very excited to further strengthen our partnership with Arch. As an innovative company and leader in the Insurtech space, they understand the potential of our platform and have shown their commitment to helping it succeed.”
Commenting on the investment, Arch Capital Group chief strategy and innovation officer Jay Rajendra said: “NOW Insurance’s innovative approach to the medical malpractice market aligns with Arch’s commitment to using analytics and AI to deliver an exceptional broker experience.
“We’re looking forward to bringing NOW’s platform to our broker partners and working closely with NOW to further develop their analytics capabilities.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Established in 2019, the insurtech specialises in medical professional liability coverage. It focuses on delivering tailored coverage for physicians and healthcare providers.
The company uses advanced technologies such as machine learning and predictive analytics to offer seamless experiences for clients.
Arch also recently acquired Thimble, an insurtech platform for small businesses and agents, for undisclosed amount.
Thimble allows small businesses in the US to avail insurance coverage quickly by the job, month or year leveraging its app, website, or over the phone.
This deal expands Arch’s digital solutions portfolio for small business customers and agents.
Our signals coverage is powered by GlobalData’s Thematic Engine, which tags millions of data items across six alternative datasets — patents, jobs, deals, company filings, social media mentions and news — to themes, sectors and companies. These signals enhance our predictive capabilities, helping us to identify the most disruptive threats across each of the sectors we cover and the companies best placed to succeed.