Joshu, an insurtech company that helps insurance carriers launch online distribution channels, today announced it closed $3.7 million dollars in seed funding led by Blumberg Capital with participation from Engineering Capital, Correlation Ventures, Innovation Endeavors and Sure Ventures.
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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.
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“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,” said Roy Mill, co-founder and CEO, Joshu. “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.
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