Claims Management Platform Company Snapsheet Raises $30 Million

By Noah Long ● April 18, 2021
  • Snapsheet — a leader in cloud-native claims management software — announced it has raised $30 million in Series E2 financing. These are the details.

Snapsheet — a leader in cloud-native claims management software — announced it has raised $30 million in Series E2 financing. Ping An Global Voyager Fund and Pivot Investment Partners led the funding round. And existing investors include Nationwide, Liberty Mutual, Intact Ventures, Tola Capital, Commerce Ventures, and several others.

This new round of funding will be used to accelerate growth and add new functionality to Snapsheet’s cloud-native end-to-end claims management platform. And Global Voyager’s Chief Investment Officer Donald Lacey will join Snapsheet’s board of directors. This round of funding brings Snapsheet’s total raised to date to over $100 million.
Snapsheet is known for providing simple and fast claims processes and experiences for insurance carriers, third-party administrators, insureds, and vendors. And Snapsheet’s virtual appraisal software has evolved into the leading claims management platform that digitizes and intelligently automates the end-to-end process – from electronic first notice of loss to investigation to reserving and payment.

The company’s claims solutions are designed with flexibility in mind and enable claims organizations of all sizes to see the benefits of digital through the suite of cloud-native Snapsheet Cloud solutions, including Snapsheet Claims, Snapsheet Appraisals, and Snapsheet Payments – as well as through Snapsheet Appraisal Services.

Snapsheet processed millions of claims and more than $7 billion in appraisals for over 100 clients, including many of the largest insurance carriers, third-party administrators, and insurance and sharing economy disruptors in North America. Since 2020, Snapsheet added 17 new software clients.

In order to fuel further product development and extend awareness, Snapsheet will also use this most recent infusion of capital to make key hires across engineering and sales teams.

KEY QUOTES:

“As carriers and their customers are forced to work and engage virtually, we have seen demand for our technology skyrocket in the wake of COVID-19, and it’s here to stay. By digitizing the entire claims process from start to finish, we’re able to automate any task, and empower insurers to provide exponentially better customer experiences at the most critical point in their customer lifecycle.”

— Brad Weisberg, CEO and founder of Snapsheet

“The digital transformation of insurance has accelerated tenfold in the last year, and demand for cloud technologies is higher than ever across the industry. Snapsheet’s cloud-native claims management platform is an end-to-end solution that can plug into the existing tech stack to digitize and automate processes through omnichannel engagement tools, no-code workflow engine and API-driven flexibility. This gives auto and home insurers an out-of-the-box platform to dramatically improve claims experiences. We’re thrilled to partner with Snapsheet on this next phase of growth.”

— Donald Lacey, Global Voyager’s Chief Investment Officer

“Snapsheet is a proven insurtech leader that has a demonstrated track record of pioneering digital innovation in the industry. What the Snapsheet team has built is unmatched, and we are delighted to join them at such a pivotal time in the company’s growth.”

— Akbar Poonawala, Co-founder of Pivot Investment Partners