Sproutr, a boutique insurance product design and build firm, announced the closing of its seed round led by Altai Ventures, one of the leading specialist fintech venture capital firms.
What Sproutr does: Created by insurance operators, Sproutr exists to bridge one of the industry’s most pressing challenges: the gap between innovation and execution. And by helping MGAs/MGUs, program administrators, and carriers navigate complex regulatory processes and internal structures, Sproutr enables them to launch new P&C products and programs faster, smarter, and more efficiently.
Sproutr tackles a critical industry challenge, which is the gap between insurance innovation and execution. And for new and existing MGAs/MGUs and program administrators, translating early-stage ideas into viable and carrier-backed programs involves navigating complex regulatory processes, internal carrier structures, and uncertain timelines. All of these factors can hinder innovation.
On the carrier side, rigid workflows, and siloed responsibilities can also slow down decision-making, leading to missed market opportunities by launching products late or chasing ill-defined business cases.
Sproutr’s goal is to transform the standards in insurance program and product design by simplifying the process of bringing regulated products to market. And Sproutr achieves this through its tech-forward approach, proprietary frameworks & processes, and industry expertise, helping new and established MGAs/MGUs, program administrators, and others capitalize on market opportunities and avoid missteps.
Sproutr is also comprised of experienced insurance operators who have successfully launched and scaled insurance programs across the P&C spectrum. And the firm delivers end-to-end advisory, authoring, and execution support across all stages of development, including:
— Market Validation
— Underwriting Guidelines
— Form & Rate Development
— Regulatory Filings
— Carrier Paper Strategy
— Post Launch Audits and More
Sproutr’s team of insurance professionals (CUOs, Product Managers, Compliance Experts, etc.) has over 300 years of combined experience building products and programs. Currently, the firm supports over 35 customers and has successfully launched over 60 products and programs in just 2.5 years. Some of the customers that trust Sproutr include: Accelerant, Blitz Insurance, Boost, District Cover, Everspan, MGT Insurance Company, and Sertis, among others.
KEY QUOTES:
“Within virtually every entity that sells insurance products lies a team that is often not spoken about – a department responsible for developing policy language, drafting endorsements, and by doing so, one that defines the very promises that insurers make to their policyholders and without which they would not be able to operate. Developing effective product language comes from program management experience. Leading with outcome-based insurance insights, Sproutr has built a method that enhances these existing workflows and offerings by combining the best insurance product experts with modern technology to design insurance products and programs in a more efficient and strategic manner.”
Oleg Ilichev, Managing Partner, Altai Ventures
“At Accelerant, we pride ourselves on helping our Members move with agility and purpose. Sproutr has been instrumental in delivering on this promise, sharing our Member-centric worldview and helping them build products and programs that meet real market needs.”
Mike McAuliffe, President at Accelerant Underwriting Managers
“Having built, launched, and managed programs at AIG, Hippo, Hanover, and Attune, I know firsthand how hard it is to bring new insurance products to market even when you have access to the required parts (paper, capacity, & product). I founded Sproutr to direct my experience towards building a practice dedicated to propelling founders and program writers in executing their visions using smart, cost-effective, and pragmatic approaches. At Sproutr, we call this “Seeing Beyond”. Today, we operate these principles at scale with a technology-driven, customer first approach and a growing team of incredible talent, which drove my decision to bring strategic capital into Sproutr.”
JoAnne Artesani, CEO & Founder, Sproutr
