Layr, an Atlanta, GA-based insurtech startup using artificial intelligence and machine learning to help brokerages and agencies manage their small commercial books, raised $10M in Series A funding.
The round was led by HSCM Ventures, with participation from MGV, Sandbox Industries, Flyover Capital, and Hannover Digital Investments, as well as an experienced group of insurance brokerages and professionals from The Plexus Groupe, IMA Corp, Holmes Murphy, The Partners Group, The Graham Agency, Broker Tech Ventures, and other insurtechs. Brandon Baron will join Layr’s Board of Directors as a representative of HSCM Ventures.
The company intends to use the funds to double the team and grow its presence amongst insurance agents and brokers while adding new technology advancements that enable small businesses access to the insurance marketplace.
Led by Phillip Naples, Founder, and CEO, Layr is an AI-powered cloud platform digitizing the entire insurance process by enabling brokers to sell, service, and renew policies in a private-labeled service center. When a new client is shopping for policies, the proprietary algorithms quote pricing while simultaneously shopping the pre-written package to underwriters – without any broker touch or use of APIs. Following carrier placement, the end-client can then service their own policies and access proof of insurance from the broker-branded portal.
The company currently supports P&C insurance agencies and brokerages across all 50 states by providing technology to efficiently sell and service tens of millions of dollars worth of premium across their books. Over 2022, Layr will expand its technology to offer tailored solutions to agencies of all sizes, release new features to enhance the experience of brokers and clients alike, and partner with technology providers in support of independent brokers.