Source: Authentic Insurance
Authentic Insurance, a company provides the infrastructure for franchisors, software companies or associations to roll out their own “captive” insurance offering, has raised an $11M Series A round led by FirstMark Capital with participation from Slow Ventures, Altai Ventures, MGV, Upper90, and Commerce Ventures.
Providing the infrastructure for franchisors, software companies or associations to roll out their own insurance offering to their existing customers, Authentic describes the way it operates as being like a “co-op” or “collective” model, enabling member-owned programs allow for hyper-customized coverage and potential dividends when there are fewer claims, which can lead to cost savings as well. Authentic works with New York-based specialty program insurer Everspan Insurance Company as its fronting carrier.
“The way commercial insurance is bought and sold has largely remained unchanged since it first came into existence over 50 years ago,” comments Adam Nelson, Partner, FirstMark Capital. “Authentic is the first company to virtually eliminate the need for traditional carriers. With a platform approach that enables partners to roll out their own new insurance offerings, it’s been incredible to watch as millions of businesses instantly gain access to a better insurance model on day one.”
Read full article: https://iireporter.com/authentic-insurance-11m-in-series-a-round-led-by-firstmark-capital/
