Ranger raises $5.25 million
Ranger Insurance , “the agent-first insurance company,” has closed a $5.25 million seed round led by Lerer Hippeau, with participation from Alex Rodriguez, FirstMinute Capital, Slow Ventures, Global Founders Capital, Raven1 Ventures and Montauk Ventures.
Ranger, which will launch in the fall of 2022 with a home insurance offering and act as an MGA, was incubated out of Montauk Ventures’ Studio Program, the venture capital firm led by Casper co-founder and former CEO Phillip Krim. The startup’s “proprietary” digital agent platform and “unique” incentive model “elevate the role of the insurance agent to that of a family advisor.” According to its site, agents can expect “guaranteed income with a revolutionary incentive model that offers big rewards and equity ownership.”
Ranger is led by CEO Greg Garrison, a 15-year insurance veteran with past roles at AIG and W.R. Berkley, and it will use the funding to build out its digital agent platform, develop its “modernized” and “integrated” family-oriented product suite, and begin recruiting “top agents” in Arizona, Indiana, and Ohio. Over time, Ranger agents will be able to provide expert advice and products to help families “protect anything that is critical to their continued prosperity and ability to enjoy life.” It’s worth noting that based on information we received, Ranger’s initial offering will include home insurance, auto insurance, and a home warranty policy.
“The personal insurance market in the US is over $500 billion in annual premiums dominated by legacy players who have neglected agents for decades. They have also allowed the average household to unknowingly underinsure their homes by $100K or more. With the average family devoting a majority of their net worth to their homes, it’s like they are putting their savings into a bank account that only insures a portion of their deposits. Ranger agents are the experts who help families avoid the tragedies like we saw in Texas a year ago, where after a severe freeze, thousands suddenly discovered they were underinsured and many subsequently lost their homes.” – Greg Garrison, CEO of Ranger.
“The insurance industry remains one of the largest, yet most antiquated industries out there. Ranger has a vision to enhance the agent through technology as opposed to competing with the agent. This is fundamentally the right approach to improve both homeowner and agent experiences.” – Ben Lerer, managing partner of Lerer Hippeau.
“Ranger is the future of modern home insurance. Greg and Philip’s vision for how to modernize an agent’s workflow will create a more efficient process and better experience for homeowners.” – Alex Rodriguez.
