This week, Pie Insurance and Bamboo raised impressive new venture capital rounds. AgentSync launched a new platform. Cowbell unveiled a new cyber product and a specialty insurance company. Zywave and Salesforce forged a new partnership.
Pie Insurance raised a stunning $315 million in new venture capital intended to help the provider of workers’ compensation insurance grow, expand its offerings and complete its transition into a full-stack carrier.
Pie Insurance, an insurtech founded in 2017, started as an MGA. The Washington, D.C.-based company snatched up a P/C insurer in 2021 as part of a plan to transition into a full-fledged carrier.
Allianz X, the digital investment arm of Allianz Group, co-led the Series D investment round for Pie along with Centerbridge Partners. White Mountains Insurance Group joined as a new investor. Previous investors Gallatin Point Capital, Greycroft, Acrew Capital and others also participated.
Including the new round, Pie has raised more than $615 million in venture capital to date. Pie’s funding level is all the more noteworthy because it comes as investors have soured on technology stocks, unsure of their potential for return.
Eric Hoffman, managing director at Centerbridge Partners, said Pie has proven its capability and fiscal responsibility.
“Pie’s demonstrated ability to grow across multiple distribution channels at impressive loss ratios truly distinguishes them within the insurtech space,” Hoffman said in prepared remarks.
Pie CEO John Swigart added that the money will help the company “build a lasting and sustainable business.”
AgentSync has launched a new platform designed to help improve onboarding and compliance functions that carriers, MGAs and agencies deliver to their agents.
The new product, dubbed AgentSync ID, is a secure and dynamic online insurance profile that lets agents simplify the management of their professional identities. It provides a secure central location for credentials including state licenses, carrier appointments and onboarding requirements, E&O insurance, continuing education credits, payment information, single sign-on apps and more in a single account. AgentSync announced the news at InsureTech Connect in Las Vegas.
AgentSync, based in Colorado, is an insurtech software company focused on building modern insurance infrastructure that connects carriers, agencies, MGAs and distributors. The company launched in 2018.
Cowbell launched a new cyber product and a new specialty insurance company.
The California-based insurtech and growing full-stack insurance company has formally debuted Adaptive Cyber Insurance, a product that bundles risk management tools and insurance services with coverage so policyholders can continuously address changes in the threat landscape.
Adaptive Cyber Insurance will be available to businesses with up to $1 billion of revenue with Cowbell Prime 1000, which will be available in Q1 2023.
Cowbell Specialty is designed to augment Cowbell’s current business model. It is joining a panel of 15 carriers and reinsurers that currently support Cowbell Prime cyber insurance programs. Cowbell Specialty, paired with Cowbell Re (the company’s reinsurance captive), allows for added flexibility and control in serving a fast-growing market.
The insurtech Zywave forged a new partnership with Salesforce with a goal of creating more efficient, strategic agency workflows informed by data and content to bring a seamless client experience.
Zywave is centered around cloud-based sales management, client delivery, content and analytics software products and services. Salesforce is a global customer relationship management company with a large insurance industry clientele.
Their partnership will combine Salesforce’s CRM platform with highly customized and data-driven workflows from Zywave. The goal is that mutual customers will benefit from their collaboration across a number of cloud-based products.
Both companies have been working together for a while, on further integration into the Salesforce Industries’ platform and Financial Services Cloud including prospecting data connectivity and content management products and services. Their new partnership will expand those integrations to include real-time connectivity for insurance quoting and policy management for ongoing service and renewals.
Bamboo Ide8 Insurance Services closed a $16 million financing round to expand its product offerings and geographic reach.
Eos Venture Partners led the round.
Bamboo is an MGA insurtech launched in 2018 to serve the California property market with homeowners, dwelling, fire and other related products.
Overall, Bamboo has raised $75 million to support its organic growth in California, the buildout of a retail agency and the launch of a Bermuda domiciled captive insurance agency.
Bamboo’s strategy involves delivering an “easy and innovative” insurance experience for customers that use technology to reduce inefficiencies. The company relies on proprietary underwriting models and third-party technology.