Matic Insurance Services, a Sherman Oaks, Calif.-based digital insurance agency, raised $7m in Series A funding.
Backers included Mr. Cooper, Nationwide, National General Insurance, Anthemis and ManchesterStory Group.
The company intends to use the funds to double its team and scale the business to serve customers in all verticals.
Led by Co-founder and CEO Aaron Schiff, Matic Insurance Services is a digital insurance agency, whose technology enables borrowers to purchase homeowner’s insurance during the mortgage transaction.
By using loan application information and technology, the company provides homebuyers multiple policy options, helping loan officers close their loans quickly, reduce origination costs and improve the borrower experience.
A licensed insurance agent in all 50 states, Matic has partnered with U.S. mortgage lenders including Freedom Mortgage and Mr. Cooper as well as insurance carriers including Nationwide, Progressive, National General Insurance and Safeco. It integrates with such leading mortgage loan origination (LOS) and point-of-sale (POS) systems as LendingQB, PCLender, BeSmartee, Maxwell and Roostify.