Insurtech startup Joshu raises $3.7m seed round to digitize and modernize commercial insurance

Insurtech startup Joshu raises $3.7m seed round to digitize and modernize commercial insurance

Published: 27-01-2021 09:08:00 | By: Pie Kamau | hits: 3900 | Tags:

Joshu, an insurtech company that helps insurance carriers launch online distribution channels, announced it closed $3.7 million in seed funding led by Blumberg Capital with participation from Engineering Capital, Correlation Ventures, Innovation Endeavors and Sure Ventures.

Joshu's solution offers insurance carriers and managing general agents (MGAs) a full suite of digital tools needed to bring their commercial insurance business online. Carriers and MGAs utilize Joshu's platform to sell insurance through various distribution channels and underwrite insurance automatically.

The commercial insurance industry is generally manual with most business still transacted over emails and PDF attachments. While many insurance companies offer great coverage, risk expertise and claim handling with deep relationships, there is still ample opportunity to enhance digital offerings – reducing friction, adding efficiency and providing better user experience across the commercial insurance ecosystem.

Roy Mill, Co-founder and CEO, Joshu: "Having built a software solution for a cyber insurance startup previously, my co-founder Shimi Bornstein and I had experienced first-hand the challenges of selling insurance online. We also saw where software can become an enabler and the immense opportunity for digital transformation within the commercial insurance industry at large. We believe insurance professionals deserve world class tools and platforms to sell their products online and our solution empowers insurance carriers to reimagine how they develop and sell commercial insurance in the digital age."

Joshu's solution is designed with insurance professionals' specific needs in mind, enabling them to quickly and independently set up insurance products online, including application forms, rating rules, complete quote and policy document generators, online store administration, reporting and integration functionality. The flexible platform allows insurance professionals to offer clients an excellent online experience and easily calibrate and improve their products as needed.

Bruce Taragin, Managing Director, Blumberg Capital: "The insurance industry is ripe with numerous opportunities for digital transformation to better serve a broader customer segment. Joshu operates as a true partner with commercial insurance companies to offer a full suite of digital products and capabilities that insurance professionals need to personalize and optimize the user experience for their customers."

www.joshuins.com