Insurtech Startup QuoteWell Comes Out of Stealth With $15M in Series A Funding

Tech-enabled commercial insurance wholesale brokerage QuoteWell announced its public launch to serve independent retail agents.

Founded in 2021, the insurtech said it “helps agents who are often overlooked and given poor customer service due to low premiums associated with their accounts and provides best-in-class in-house brokers to efficiently find and place the risk.”

QuoteWell also said it secured over $15 million in Series A funding led by New Enterprise Associates, Inc. (NEA). Goldcrest and Floating Point also participated in the round. The new capital will be used to expand the company’s brokerage team and enhance the infrastructure that underpins automation and operational efficiencies. To date, the company has hired 12 licensed brokers to support submission flow and uses AI-backed models to assist in coverage recommendations from its panel of over 45 carrier partners.

“We see a huge opportunity to better serve a segment of the insurance business that is often underserved by incumbents and developed what we call a hybrid insurtech that aims to provide the best service and results for our customers,” said Joey Bouchard, CEO and founder. “As a part ‘software startup focused on the insurance sector’ and part ‘wholesale broker,’ we combine industry best practices with a forward-looking, innovative lens to deliver the most impact.”

According to AM Best, the U.S. market is set to process over $100 billion in surplus line premiums in 2023, the segment of insurance that wholesale brokers specialize. QuoteWell said many wholesalers are instructed to focus on accounts that bring in $25,000 in premiums or more. Additionally, insurance carriers often see risk in having their distribution heavily concentrated across a small number of wholesale brokers.

Topics Mergers & Acquisitions InsurTech Tech Funding