INSHUR, a global embedded insurance provider to the on-demand economy, has raised £15 million in its latest funding round to expand globally.
INSHUR drove nearly 4x growth in 2023, and following the acquisition of American Business Insurance Services in April expanded its services across the US.
The round was led by Viola Growth, with the participation of MS&AD Ventures and existing investors. It brings INSHUR’s funding to a total of $78.5m.
Natalie Refuah, general partner at Viola Growth, will also join INSHUR’s board of directors as chair.
The investment will enable the business to continue scaling its operations globally, particularly in the US, establish and develop further relationships with key platform partners, and to continue to build its global team of insurance and technology experts.
It also welcomes Bill Walrath as its director of US markets. As an industry veteran with over two decades of insurance leadership experience, Walrath will lead US insurance business operations for INSHUR, including reinsurance and carrier management.
Walrath previously served as the head MGA/reinsurance with Gateway, where he led the efforts to manage the programs growth and profit initiatives along with the successful placement of the reinsurance portfolio, and also held several senior leadership roles during his 23 years at Farmers Insurance.
Insurance for the on-demand economy is a challenge for drivers. According to a recent report from the company, over a quarter (26%) of drivers in the US say that vehicle insurance is one of the biggest burdens on their finances, with 26% of Rideshare claiming that insurance is too expensive.
A quarter of drivers (25%) say that on-demand platforms should offer advice and/or assistance when buying insurance. While women (27%) are more likely than men (23%) to say they need help buying insurance, men are six percentage points more likely than women to say better pricing is a priority for them (29% vs 23%).
INSHUR solves this challenge through underwriting capabilities and claims handling, enabled by its technology platform, to offer a suite of products tailored specifically for the on-demand lifestyle.
“The future is on-demand. In just a few years, the way we access services like taxis and the way we purchase our groceries and pizzas has changed forever,” said Dan Bratshpis, CEO and co-founder.
“2023 was truly a break-out year for INSHUR, and I couldn’t be more grateful for the support of our investors and partners in helping us realise our goal of becoming the on-demand economy insurance market leader. We know from our research that on-demand economy drivers need new approaches from the insurance industry to support their lifestyles, and Viola Growth and MS&AD Ventures have demonstrated their commitment to helping to build the new generation of technology-driven insurers.
“As Natalie joins the board and Bill takes the reins as director of US markets, I know their experience and insight will prove invaluable as we continue to grow in 2024 and beyond.”