A Chicago-based startup announced Snapsheet has raised a Series C round of $20 million to establish life easier for people who have been through a vehicle crash.
The companys cloud-based software employed by automobile insurance providers to guide consumers through a photo- and information-gathering process on the vistum of road traffic accidents. It is mostly lily-white labeled as a mobile app for each auto guarantee provider.On the back end, Snapsheet facilitates the insurance providers virtually handle declarations without having to send an adjuster to inspect a vehicle.
The startups Series C fund met, in part, from big names in the insurance world. The cope was led by F-Prime Capital and IA Capital Group, and to participate in tactical patrons Fosun Insurance Group, Liberty Mutual Strategic Ventures, Intact Financial Corp. and USAA.The startup has been working with brand-new institution assurance carriers like MetroMile and Turo, and has racked up 35 corporate clients so far, according to a company statement.
Snapsheet President CJ Przybyl said declarations managing is becoming more sophisticated, thanks to engineering like smartphones, crowdsourced photos, telematics and machine learning. Its integrating all the technology it can into its scaffold to help insurance providers treat affirms more rapidly, to get their customers paid as soon as is practicable and back in safe, restored vehicles.The firm will use its new funding for product growth, and hiring especially in buyer subscribe, auctions and commerce roles he said.
Although he acknowledged that software like Snapsheets could be put to use to help other guarantee providers psychoanalyze damage to homes or other belonging, Przybyl answered auto claims represent such a huge market, the company wont seek to expand beyond autos.
Insurance tech is winner take most for actors that really stay focused and understand how important customer service is, he said.
Snapsheet investor and F-Prime Partner Ben Malka said one big-hearted reason his firm backed the company is the effect its engineering has on the customers of auto guarantee providers.
People who use Snapsheet in conjunction with their carriers declarations process end up with a superior purchaser know. NPS scores are significantly better most other contends resolution methods, he announced, referencing the net promoter scores of vehicle policy providers.
Additionally, he spoke, Snapsheet is tapping into brand-new willingness on the part of insurance companies to use tech for a competitive advantage. The insurance sphere is espousing invention more powerfully than in years past, he said.
Przybyl said one thing Snapsheet intends to develop, given the funding, is machine learning that can predict what a customers doubts might be, before they ask them, about filing a claim or the situation of women specific claims. With that kind of arrangement in place, the Snapsheet-powered app can deliver information to a customer before they have become anxious about find it, he said.