Marble, which serves as a one-hub, digital wallet to manage personal insurance details and payments, has received $2.5m seed investment from a series of investors.
The round involved the participation of IA Capital Group, MS&AD Ventures, Reciprocal Ventures, Fintech Ventures Fund, The Takoma Group, and HU Investments.
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Marble founder and CEO Stuart Winchester said that the infusion will enable the firm to expand headcount and make new partner integrations.
Winchester added: “The vast majority of insurtech investment over the last decade has been in technology that sells more insurance, faster. Meanwhile, insurance companies continue to spend billions on advertising to attract customers that they will only engage with once a year.
“Marble’s insurance partners leverage our API-powered tech to offer precise rewards tailored to their customers – who stay engaged through rewards and notifications, as well as the ability to bundle, compare, and keep track of all of their policies at a glance. All of this dramatically increases the likelihood of engagement and renewal.”
Established and launched in private beta last year, US-based Marble enables members to shop, compare, explore, pay, and also get rewards on their insurance premium payments.
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By GlobalDataAt present, it is in beta and will offer its platform to any personal policy holder in the US from next month.
IA Capital Group managing partner Andrew Lerner called the insurtech a “win-win for customers and insurers”.
Lerner noted: “Customers are demanding a better way to manage their disparate policies and accounts. Insurers want a better way to engage with customers.
“Both would rather have insurers spend billions of dollars less on advertising, and have Marble give those billions of dollars back to the customer.”
Recently, insurtech platform for real estate LeaseLock, also based in the US, received $52m in a Series B funding round.
