Insurtech Snapsheet secures $29m to expand claims management solutions globally

Chicago-based insurtech Snapsheet, a provider of virtual claims technology for the personal and commercial insurance marketplace, has secured $29 million in Series E funding for global expansion.

Snapsheet has raised a total of $71 million to date. The Series E round was led by venture capital firm Tola Capital, with participation from new investors, including Nationwide, Sedgwick, and State Auto Labs, and existing investors Liberty Mutual Strategic Ventures, F-Prime Capital, OCA Ventures and an affiliate of USAA.

The funding will enable Snapsheet to accelerate the delivery of its end-to-end SaaS claims platform for all lines of property and casualty, further invest in advanced analytics capabilities and expand the team to serve clients globally.

Earlier in Nov, the insurtech partnered with Zurich Insurance Group to expand its digital services platform to international businesses, and enhance Zurich's customer claims experience. Snapsheet also teamed up with Aviva in March 2018 to expand its presence in Canada.

Brad Weisberg, CEO and founder of Snapsheet, said: “Snapsheet has digitized the entire claims process. In the last few years, we have advanced our cloud-based claims and analytics solutions. This is no longer just for auto, but across all P&C lines. The evolution of where we are going is making our technology available to clients as SaaS claims solutions.”

He added: “We have helped to lead a digital and data-driven revolution that is transforming how our clients engage with their customers and stakeholders across the auto claims ecosystem. Now, we are accelerating and expanding our proven technology, software, and processes. This continues to make a real impact on the auto claims process, but there is so much more that we can do for our clients.”

Sheila Gulati, founder and managing director of Tola Capital and Snapsheet board member said: “Our insurance carrier customers and partners are experiencing incredible benefits from Snapsheet’s end-to-end digital claims workflow, leveraging the best software and data innovation to produce better experiences for end-customers. Every interaction is an opportunity to create greater customer satisfaction and loyalty, and Snapsheet’s platform yields both as it streamlines claims experiences for end-customers.”