US-based commercial insurance fintech Broker Buddha has raised $4.5 million in a funding round led by Vertex Ventures.
Broker Buddha simplifies the application and renewal process for commercial insurance, using automation, interactive smart forms, a familiar web interface and an integrated eSignature.
Already working with clients such as insurance agencies Brown & Brown and AssuredPartners, the insurtech platform now wants to use its new capital to expand its offering, grow its team and increase marketing efforts to grow its client list.
“Broker Buddha’s product provides a crisp, modern interface driving massive efficiency gains for the client, broker and underwriter,” says Vertex Ventures’ partner Sandeep Bhadra.
“By relieving some of the tedium, they enable more of the white-glove, customised service business owners need and love. We’re excited to partner with a company driving such significant industry change.”
The platform works like an online submission page, converting static PDF insurance applications into online smart forms.
Once a client has used the platform once, it will automatically re-populate certain fields year on year to simplify the renewal process and eliminate partially completed, handwritten applications from brokers.
For Broker Buddha’s CEO Jason Keck, the company’s product “transforms an outdated way of doing business that has long been frustrating and slow-moving for brokers and their clients.”
Keck wants to free up this time which has for so long been taken up, empowering agents to focus on their clients.
Three-year-old Broker Buddha is part of Interplay, a foundry and venture capital firm that builds, incubates, and invests in US companies.