HSCM Ventures has led a Series A funding round totalling $10 million for Layr, an insurtech that utilises artificial intelligence and machine learning technologies to help brokers and agencies more efficiently manage their small commercial insurance books.
HSCM Ventures is the venture investing arm of Hudson Structured Capital Management (HSCM), the reinsurance, insurtech, insurance-linked securities (ILS) and transportation focused investment manager.
HSCM is one of a number of insurtech focused venture capital firms (VC’s), insurance brokerages and insurtech veterans that have supported Layr in this $10 million Series A funding.
HSCM Ventures led the Series A round, while MGV, Sandbox Industries, Flyover Capital, and Hannover Digital Investments all participated.
Other participants included The Plexus Groupe, IMA Corp, Holmes Murphy, The Partners Group, The Graham Agency, Broker Tech Ventures, and other insurtechs.
HSCM Ventures is taking a seat on the Layr board, with Brandon Baron, a Vice President at HSCM representing the investment manager.
Layr’s offering features an AI-powered cloud platform that digitizes the entire insurance process for small commercial risks, helping brokers to sell, service, and renew traditionally time-consuming policies in a private-labeled service center.
By adding efficiency to the processes underpinning the small commercial insurance process, Layr helps insurance brokers and agents serve their clients more effectively, while increasing the quality of their service.
“Our mission is to empower insurance brokers and agents with a world-class digital experience. This serves their clients better and makes existing workflows more efficient,” said Phillip Naples, Layr Founder, and CEO. “This funding round will enable the amazing team at Layr to maximize brokerages profitability and deliver the optimal experience for their insureds, and I’m extremely proud of our work!”
“Layr helps weaponize its partner agents with immediate quotes and faster underwriting,” added Brandon Baron, Vice President at HSCM. “We believe this will unlock an enormous amount of efficiency for the insurance market.”
Layr aims to use the funding to expand its footprint, while adding technology features to support its clients businesses.
In 2022, Layr plans to expand its technology to offer tailored solutions to agencies of all sizes, release new features and partner with technology providers in support of independent brokers.
HSCM Ventures continues to expand its footprint in insurtech venture investing, sourcing new returns from technology focused insurance entities for its investor base.