Boost Insurance expands infrastructure-as-a-service platform

Boost Insurance, a provider of white-labelled insurance programs for technology companies and startups, has announced a $14 million Series A round of financing to expand its infrastructure-as-a-service (IaaS) platform.

The round was co-led by Coatue and Greycroft, with participation from Tusk Venture Partners, Conversion Capital, and MetLife Chairman Glenn Hubbard. Existing investors Norwest Venture Partners and IA Capital Group also participated. The investment brings Boost's total funding to $17 million and will be used to launch new business lines and expand its API services.

Boost aims to make it simple for companies in any category to offer white-labelled digital insurance solutions to their customers. Following its recently launched security deposit replacement program with LeaseLock and its SMB commercial cyber insurance program with Cowbell Cyber, Boost said it will roll out several new data-driven products that will be offered through a host of distribution partners in 2020.

These include startup-focused management liability, an affordable commercial insurance option for venture-backed startups; parental leave employer protection, a financial coverage option for employers so they can offer new parents impactful time off to spend with their families; pet Insurance - modular health and wellness protection for pets; and identity theft protection - consumer protection against the threat of stolen identity and fraudulent transactions, offered by the digital brands that they engage with every day.

Boost's fully compliant IaaS platform comes equipped with the end-to-end insurance infrastructure that is challenging and cost-prohibitive for companies to build in-house. This includes data-driven insurance product development, appointment by an 'A'-rated insurance carrier, and dedicated risk capacity backed by global reinsurers. Boost also enables automated claims administration, compliance, and data analytics for its distribution partners.

"The P&C insurance industry is a $600 billion a year growing market. Boost is uniquely positioned to provide the infrastructure for modern insurance products to be offered by digital innovators across any industry," said Alex Maffeo, CEO and founder of Boost. "We are grateful to partner with this incredible group of investors. Their backing validates the progress we have made towards powering an insurance ecosystem for the modern world."

Ellie Wheeler, Partner at Greycroft, added: "Insurance is a natural adjacency that so many companies have the potential to expand into - but building into the vertical can take years. Boost is carving out a new insurtech opportunity by providing the insurance infrastructure needed for brands to bundle insurance offerings and ultimately add more value to their customer base. Boost has applied its expertise in both insurance and technology to build that foundation for the entire marketplace, and we believe it will transform the way insurance is bought and sold in this tech-enabled world."

Bennett Siegel, Partner at Coatue said: "Coatue invested in Boost because of the momentum they've created across the insurance ecosystem via its simple, API-driven insurance solution. Boost drastically reduces the complexity and overhead faced in building a meaningful insurance business - whether its partners are insurtech startups or enterprise-level technology brands. This fundamentally changes the way consumers interact with insurance by enabling them to purchase it from the brands they know and trust. We're excited to collaborate with Boost as it continues to provide the infrastructure for the next generation of insurance."

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

​AXA to sell its operations in Central and Eastern Europe for €1bn
Munich Re recruits client executive, South America
Coverys Syndicate 1975 appoints active underwriter
2019 Townsville Floods property loss estimated at A$1.2bn ($800m)
Argo Group appoints Carol McFate to Its board of directors
Aon welcomes new recruit to its Life Reinsurance Solutions team in Australia
HWI hires international political violence, terror and cyber specialist
Insurtech startup Slope Software announced $1m seed round investment
AXA UK narrows its gender pay gap
Pacific Life Re Australia appoints new head of client solutions
Starr Insurance Companies opens office in Madrid

Don't miss our insurtech email newsletter - sign up today