Layr, an Atlanta, GA — based insurtech startup that uses Artificial Intelligence and machine learning to help small businesses customize commercial insurance bundles, raised $5m in seed financing.
The round was led by Sandbox Insurtech Ventures with participation from new investors Flyover Capital and Maschmeyer Group Ventures, and from existing investor Lloyd’s of London. In conjunction with the funding, Chris Zock, managing director of Sandbox Insurtech Ventures, and Keith Molzer, general partner at Flyover Capital, will join Layr’s Board of Directors.
The company intends to use the funds to expand the use of Artificial Intelligence and machine learning for the next version of its cloud insurance platform which will offer business owners expanded, intelligent recommendations for insurance policies and coverage limits tailored to their company while virtually eliminating the business insurance application process.
Co-founded in 2016 by Phillip Naples, a commercial insurance broker with more than 20 years of experience and one of his former customers Andrew Egenes, a serial entrepreneur, and incubated in the first cohort of Lloyd’s Lab, Layr combines a customer-centric approach with technology to automate the time-intensive legacy process of sourcing, purchasing, and managing business insurance through its cloud insurance platform. Since launching the platform in 2018, Layr has placed more than $2B of aggregate coverage limits across thousands of policies through its carrier partners. The company also partners with traditional brokers to bring more flexible product offerings and a digital experience to their small commercial clients.
FinSMEs
01/07/2020