Slope’s Platform Helps Insurance Companies Perform the Difficult Task of Quantifying Risk by Enabling Their Actuaries to Do Better Analysis in a Fraction of the Time.
Slope Software, an insurtech startup aiming to modernize actuarial software, announced that it has raised a $1,000,000 seed round investment led by tech venture fund Cofounders Capital in Cary, NC. The company will use the funding to scale the growth of its software platform, which launched early last year.
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Insurance companies thrive based on how well they manage risk, and yet actuaries — the experts within the industry whose job it is to understand and quantify that risk — are frequently underserved, relying on burdensome technology for decades that hinders their progress more often than it helps. After spending over 12 years in the industry, CEO Andy Smith grew tired of struggling with the inefficiencies of the available software in the marketplace. Together with Taylor Perkins, CTO and enterprise software engineer, they have built a new platform intended to work for actuaries rather than forcing cumbersome workarounds and manual intervention.
Slope’s modern approach has brought a more intuitive, more powerful, and more secure platform onto the market than was previously available, built from the ground up to operate entirely in the cloud. By implementing automated data management, an intuitive interface, and integrated reporting, Slope aims to allow actuaries to perform their critically important analysis in a fraction of the time by reducing time-consuming tasks that are prone to human error.
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Tim McLoughlin, Partner at Cofounders Capital, will join the Board of Directors. “At Cofounders Capital, we look to invest in great management teams with deep industry experience and software solutions that provide demonstrable ROI to customers. Slope is the perfect example of our investment thesis. Andy has felt the pain of using legacy software as an actuary himself, and along with Taylor created a solution that is better, faster, and cheaper for other actuaries. As part of our diligence, we spoke with dozens of current and potential customers that have been anxiously waiting for this modern solution in their industry!”
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