Using AI and ML, Layr helps agencies and brokerages supply the proper insurance to their commercial clients faster and cheaper than ever before
Layr, the insurtech startup using artificial intelligence and machine learning to help brokerages and agencies efficiently manage their small commercial books, announces $10M in Series A funding. Layr has partnered with leading insurtech VCs and a team of insurance brokerages and insurtech veterans for their Series A funding.
The round was led by HSCM Ventures, with participation from MGV, Sandbox Industries, Flyover Capital, and Hannover Digital Investments. Also participating is an experienced group of insurance brokerages and professionals from The Plexus Groupe, IMA Corp, Holmes Murphy, The Partners Group, The Graham Agency, Broker Tech Ventures, and other insurtechs. Brandon Baron will join Layr’s Board of Directors as a representative of HSCM Ventures.
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Layr is an AI-powered cloud platform digitizing the entire insurance process by enabling brokers to sell, service, and renew traditionally time-consuming policies in a private-labeled service center. When a new client is shopping for policies, Layr’s proprietary algorithms quote pricing while simultaneously shopping the pre-written package to underwriters – without any broker touch or use of APIs. Following carrier placement, the end-client can then service their own policies and access proof of insurance from the broker-branded portal.
By combining tools like a digital storefront, customer service portals, and licensed human agent support, Layr offers a top-to-bottom solution that allows insurance brokers and agents to serve more clients while increasing the quality of their service. Additionally, Layr works without an API, meaning agencies can immediately integrate its services with existing analog workflows.
The funding will double Layr’s team and grow its footprint amongst insurance agents and brokers while adding new technology advancements that enable small businesses greater access to the insurance marketplace.
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“Our mission is to empower insurance brokers and agents with a world-class digital experience. This serves their clients better and makes existing workflows more efficient,” said Phillip Naples, Layr Founder, and CEO. “This funding round will enable the amazing team at Layr to maximize brokerages profitability and deliver the optimal experience for their insureds, and I’m extremely proud of our work!”
“Layr helps weaponize its partner agents with immediate quotes and faster underwriting,” said Brandon Baron, Vice President at HSCM. “We believe this will unlock an enormous amount of efficiency for the insurance market.”
Layr currently supports leading P&C insurance agencies and brokerages across all 50 states by providing technology to efficiently sell and service tens of millions of dollars worth of premium across their books. Over 2022, Layr will expand its technology to offer tailored solutions to agencies of all sizes, release new features to enhance the experience of brokers and clients alike, and partner with leading technology providers in support of independent brokers.
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