HOMEE, an AI-based direct repair network for the property and casualty insurance industry, announced it closed a Series C Financing led by W.R. Berkley Corporation. This financing – which includes new investors The Institutes (the leading provider of risk management and training for the insurance industry) and Sure (the fastest growing insurance tech building the technology rails for digital insurance) brings the total funding raised by the company to over $75 million. These new investors join existing strategic investors: State Farm, Liberty Mutual, The Hartford, and Desjardins.
This funding will accelerate software development for the industry’s next-generation AI Smart-Claim management platform. The new software is expected to enable dramatic increases in scale by seamlessly connecting carriers directly to the company’s highly vetted direct repair network throughout the US.
The company also revealed its fifth consecutive record financial quarter with revenue growth of 15% and claim assignment growth of 14% over the previous quarter. This year, the company has expanded its nationwide repair coverage by over 300%, now covering more than 7 million homes in 38 states. The company also saw a 250% increase in claims assigned to its nationwide direct repair network since the first quarter of this year.
HOMEE is also handling increased claims volumes from carriers related to the two recent hurricanes, Helene and Milton.
KEY QUOTES:
“Despite the challenges posed by two consecutive historic storms, our ability to handle property claims remains strong. Aside from those cases where roads and power have restricted access, we continue to match service professionals to claims within minutes and rapidly deploy a professional to the commercial property or residence. Powered by our technology, HOMEE’s unparalleled network stands ready to help our customers and partners bounce back from these unprecedented events.”
-Larry Nettles, who leads the company’s service professionals network
“We’re thrilled to have W.R. Berkley Corporation as both an investor and strategic partner. They will bring significant value to our shareholders, and we’re excited to have Michael Nannizzi join our Board of Directors. Our AI-driven Smart-Claim technology continues to expand the scale for our business while delivering higher claim repair quality and cycle times for both the carrier and policyholder. Our technology automatically matches the right claim with the right service repair professional within minutes, driving an elevated policyholder experience. For the third quarter of 2024, 9 out of 10 claim assignments were successfully matched to a service repair professional in under 3-minutes.”
-Doug Schaedler, CEO of HOMEE
“We are excited about what Doug is building at HOMEE. As an existing customer, Berkley already had unique insight into the value HOMEE brings to claimants at their time of greatest need. After spending time with the team and the platform, we believe HOMEE’s combination of talented people, powerful technology and robust service network quality will drive superior outcomes for its entire ecosystem of partners and customers.”
-Michael Nannizzi at W.R. Berkley Corporation led the investment and will join the HOMEE’s Board of Directors
