Wholesale insurtech secures additional funding

QuoteWell Inc., an Austin, Texas-based wholesaler that uses artificial intelligence technology in its submission and marketing processes, said Wednesday it has secured more than $15 million in Series A funding and is introducing brokerage operations targeting independent retail agents.

The funding is led by Menlo Park, California-based New Enterprise Associates Inc., with Dallas-based Goldcrest Capital and Boston and New York-based Floating Point Advisers LLC. also participating in the round.

QuoteWell said in a statement the new capital will be used to expand its brokerage team and enhance its infrastructure.

The company, which was founded about two-and-a-half years ago, has 25 employees, said CEO and founder Joey Bouchard, in an interview.

Lines of coverage include general liability, workers comp, professional liability and cyber liability, he said. The company has verticals in small commercial, construction, energy, environmental, transportation, lessor’s risks only, real estate and manufacturing.

Mr. Bouchard said the company is focusing its business on Texas and surrounding states, including Oklahoma, New Mexico and Colorado, but is licensed in 45 states and has “national ambitions.”

Mr. Bouchard said the QuoteWell’s technology permits it turn around quotes at a maximum of two hours, and more frequently in minutes.