- Branch — a technology-driven home and auto insurance company — has raised $24 million in Series A funding. These are the details.
Branch — a technology-driven home and auto insurance company — has raised $24 million in Series A funding. This round of funding was co-led by Greycroft and HSCM Bermuda with participation from existing investors American Family Ventures and Revolution’s Rise of the Rest Seed Fund as well as new investors SignalFire, SCOR Global P&C, Elefund, Foundation Capital, and individuals from Stone Point Capital.
Most traditional insurance companies require customers fill out insurance applications with hundreds of questions. And Branch developed a way to bundle home and auto insurance with just two — your name and address. And now customers can bundle their insurance in seconds.
Branch has transformed the experience of bundling home and auto insurance, streamlining the process to take only seconds by asking clients for just their name and address. Plus Branch’s seamless data integrations eliminate the traditional insurance application and quote estimate, presenting clients with an instant and purchasable price instead of just an estimate.
In the past year, Branch has launched in Arizona, Illinois, Missouri, Ohio, and Texas. And the Series A funding will spearhead a strategic nationwide expansion plan through 2021.
Branch’s innovative technology can easily be integrated into home-financing and car-buying websites. And home and automobile sellers love adding Branch to their site since it equips customers with insurance without a big drop-off in conversion rates. And customers don’t need to dig up additional information to apply or wait for a quote so they are more likely to complete their purchase.
Branch is bringing the insurance industry back to its roots as a force for communal good — which is why it offers its clients a variety of tools to tailor their coverage and lower their own prices with the power of community.
And Branch has already launched two groundbreaking community programs: My Community Discount and Community Pledge — which harnesses the power of community to make insurance more accessible and affordable. Plus Branch also started a 501(c)(3) non-profit called SafetyNest, which is chartered to insure the financially excluded and lower the cost of insurance for everyone.
Clients have been saving an average of $517 when they switch to Branch.
KEY QUOTES:
“Branch is on a mission to make home and car insurance less expensive for all, enabling more of us to be financially protected from life’s uncertainties. This investment further equips Branch to bring instant, financially strong, and less expensive insurance to so many more.”
— Branch Cofounder and CEO Steve Lekas
“Branch’s unique instant-bind capability, allowing people to buy bundled home and auto insurance after only giving their name and address, has never been possible before. Branch also brings community back to insurance in a way that reduces cost and increases the number of people who can get coverage, which is beneficial to all.”
— Ian Sigalow, Cofounder & Partner of Greycroft
“We have followed the Branch story since 2018 and are thrilled to have the opportunity to co-lead the round. Branch has innovated across many critical areas of the insurance value chain – distribution, technology, risk management, and capital.”
— Vikas Singhal, Partner & CIO of HSCM Bermuda’s insurtech efforts
