In a strategic move, Layr, the innovative Insurtech company specializing in independent commercial insurance brokerages, has successfully secured a whopping $10 million in its latest funding round. This substantial investment, spearheaded by Cota Capital, boasts support from a lineup of esteemed contributors, including The K Fund, HSCM Ventures, Sandbox Industries, and Flyover Capital.
Layr has been at the vanguard of revolutionizing the insurance tech landscape, pioneering a digital and data-driven transformation of the often intricate and time-consuming manual processes within the realm of small business insurance. Their cutting-edge solutions empower brokers to efficiently serve up to six times more small business clients, thereby elevating their business units to unprecedented heights of profitability.
The newly acquired funds have been earmarked to supercharge Layr’s platform functionality, tailor-made for brokers, and amplify their go-to-market operations. The primary objective is to bolster independent insurance brokerages by harnessing Layr’s state-of-the-art cloud-based tools, which will undoubtedly result in a substantial increase in broker profitability and an enhanced customer experience within the domain of small business insurance.
Layr’s Founder and CEO, Phillip Naples, spoke about the company’s mission, saying, “One of every four dollars in the GDP goes through the insurance industry, yet it’s glacially slow to change. Many of the tools to distribute and service insurance products are outdated, using the same technology as when I entered the industry 20 years ago. Layr’s changing that for underwriters, brokers, and policyholders.”
Stewart Pond, Principal at Cota Capital, also shared his insights, stating, “Layr’s platform is built by veterans of the commercial insurance industry who understand the challenge that brokerages face to service small business customers. The small business insurance market is large and growing but inherently costly to manage. The challenge is compounded further by an undersupply of licensed account managers, acting as a bottleneck to longer-term growth of the brokerage. Layr aligns their incentives with the broker, by leveraging its platform to service customers at higher profit margins while ensuring a best-in-class experience.”
With Layr’s groundbreaking advancements, the future of small business insurance is set to be transformed, bringing it squarely into the 21st century and beyond.
By Proptechbuzz
By Ravi Kumar
