Semsee raises an undisclosed Series B
Semsee , the automated small commercial quoting solution for agents, announced it has raised a Series B funding round led by Dick Costolo and Adam Bain’s 01 Advisors, with participation from existing investor the DE Shaw group, through its venture studio DESCOvery.
According to the press release, Semsee connects 5,000 agents and is working with more than 40 insurance companies on its platform, having grown 400% in the past year. Using Semsee, agents can submit one form and receive multiple insurance quotes in ‘minutes’. “They can compare coverage and pricing information and talk to their clients about what they’re buying and what it covers. Insurance companies can simultaneously connect to agents, enabling the most efficient way to access the risks they want.”
“Business insurance has traditionally been very complicated. We started Semsee to simplify and expedite the process of connecting agents and markets to give business owners quality insurance using data and technology. In the past, agents entered data into multiple web portals just to get pricing and product information. Carriers focused on seemingly scattered approaches to getting the risks they want. We’re taking the slip out of that whole transaction, making it faster and more efficient for both sides.” – Philip Charles-Pierre, CEO of Semsee.
“By leveraging data and technology, Semsee is changing the way small business insurance is bought and sold in a market that has traditionally been very inefficient. Semsee is providing a better buying experience for everyone, automating insurance quoting and selection right at the point-of-sale. And there are big opportunities to expand, as agents and carriers look for ways to offer more insurance to more business owners.” – Adam Bain, managing partner and co-founder of 01A.
“Semsee is transforming the small commercial market—it’s so exciting to see the progress as more agents and insurance companies recognize the value. We’re very excited about the next phase of Semsee’s growth, especially as it couples rich data with a world class user interface and tools, creating the most complete insurance buying experience in the market.” – David Shainok, Managing Director at the DE Shaw group.
“We became an early user of Semsee’s platform given our understanding of the ongoing need for faster and better technology solutions designed for small business insurance. Semsee has already made a big impact on how business insurance is delivered – we look forward to the next chapter.” – Jeff RitchieDirector, Alternative Distribution, Markel Specialty.
