Boost Insurance USA, a NY-based technology-enabled insurtech development platform provider, raised $3m in funding.
The round was led by Norwest Venture Partners with participation from IA Capital Group, Greycroft Partners, and re/insurance industry leaders State National Companies (NASDAQ: SNC) and Nephila.
Led by founder and CEO Alex Maffeo, Boost is focused on scaling a development platform that streamlines the go-to-market process for insurtech startups and innovative insurance products, distribution, data analytics, underwriting, and claims.
The company, formed and incubated at IA Capital, will offer streamlined access to regulated insurance paper and risk capacity through its partnerships with State National, Nephila, and other leaders in the re/insurance industry, will guide entrepreneurs through the product development and regulatory processes and provide access to the Boost Insurtech Platform, an API-driven platform that provides modern insurance data exchange for insurtech startups.
The company will work with a select group of insurtech startups planning to launch new distribution platforms or innovative insurance products and will begin rolling out new insurtech programs in early 2018. Boost is also expanding the Boost Trusted Partner Network, which serves as a central location for paper, capacity, and service providers in the insurance industry seeking to capitalize on the growing insurtech movement.