CrowdProtector by Assurely
Assurely , the New York-based MGA creating and customizing insurance products for new and changing industries, announced the launch of CrowdProtector in collaboration with AXA XL.
CrowdProtector is an insurance product for issuers and investors that safeguards new online capital formation strategies, including equity crowdfunding and security token offerings (STOs). CrowdProtector provides issuers protection against investor complaints and lawsuits as well as serve as a communication to investors that they may get their principal investment returned should the issuer misuse the funds, purposefully misrepresent information in their offering documents, or steal the money. Several equity crowdfunding portals, including CryptoLaunch, Fundanna, Nvsted, Silicon Prairie, and TruCrowd have been approved to incorporate Assurely’s CrowdProtector into their capital raising platforms. More platforms are expected to sign up for the new service “in the coming weeks.”
Founded in 2017, Assurely is led by David Carpentier and Ty Sagalow, a founding team member of Lemonade and current board member, and has raised $750k in seed funding.
“New economic markets, such as crowdfunding or online capital formation, create great new opportunities for the Main Street investor, but also pose new risks. To combat new risks in new markets, investors look for a symbol of safety, validity, and trust. Online capital formation and crowdfunding – both equity and STOs – lack this symbol today. This marketplace needs trust, safety, and confidence among both issuers and investors to thrive; something that regulations and funding portals alone may not completely satisfy.” – CEO of Assurely, David Carpentier.
“Economic and technological trends create new opportunities but also create new risks that traditional insurance is not well placed to address. The adaptability of CrowdProtector™ is a great example of the future of insurance. Heavily focusing on our technology, we have been able to increase underwriting, adapt a new product to fit the need of an exciting new industry, and deliver the entire solution in a frictionless manner. Our underwriting and distribution process is application-free, completely instantaneous, and automated for the end user.” – President and Chief Insurance Officer of Assurely, Ty Sagalow.
“We are excited to partner with Assurely and their technology-based underwriting of CrowdProtector policies. This solution demonstrates the value of insurance in helping opportunities move forward. New crowdfunding practices are proliferating today. Without proper coverage, millions are at risk. Our work with Assurely is a great example of innovation in the industry. Collaboration between incumbents and innovative InsurTech startups such as Assurely, will yield a positive result for the industry and advance it as a whole.” – Chief Underwriting Officer, Global Professional Lines, at AXA XL, Dan Kumpf.
