INSHUR secures $19m to scale operations with MS&AD backing

INSHUR, a global embedded insurance provider, has raised $19 million in its latest funding round to continue to strengthen market position across the US and Europe, bringing total funding to $78.5 million since 2019.

The round was led by Viola Growth, with the participation of MS&AD Ventures and existing investors.

The funding will enable INSHUR to continue to build on momentum driven in 2023, including 4x growth through its acquisition of American Business Insurance Services (ABI) in April, and partnerships with on-demand economy platforms including Uber and Amazon Flex.

Natalie Refuah, a General Partner at Viola Growth, will join INSHUR’s board of directors as its nominated Chairperson,

Her extensive experience in assisting visionary founders and entrepreneurs in establishing and expanding significant global category leaders will be a valuable asset to the company.

INSHUR is also welcoming Bill Walrath as its Director of US Markets to lead US insurance business operations and expansion across rideshare, last mile delivery, carshare and new market segments.

Walrath’s appointment is part of the firm’s efforts to build its global team of insurance and technology experts.

An insurance veteran with more than 20 years of experience, Walrath had previously served as the Head MGA/Reinsurance with Gateway, where he led the efforts to manage the programs growth and profit initiatives along with the successful placement of the reinsurance portfolio.

His career has also seen him hold several senior leadership roles during his 23 years at Farmers Insurance.

“INSHUR’s strong partnerships with the world’s leading on-demand economy platforms are key to INSHUR’s ongoing success,” an INSHUR spokesperson stated.

Since 2018, the company has been working with Uber to deliver seamless integrations of innovative tech solutions to provide insurance products tailored for on-demand livery drivers.

Insurance for the on-demand economy is a challenge for drivers; INSHUR’s focus on underwriting performance, as well as the development of new technology features and claims handling contribute to overcoming these challenges.

Dan Bratshpis, CEO and Co-Founder at INSHUR, comments: “The future is on-demand. In just a few years, the way we access services like taxis and the way we purchase our groceries and pizzas has changed forever. In fact, our report found that nearly half of on-demand drivers had doubled their hours in 12 months.

“As the on-demand economy gains momentum around the world, it’s our mission to support the world’s biggest platform and insurance partners in ensuring that insurance coverage is fair and accessible for on-demand economy drivers.”

He continued: “2023 was truly a break-out year for INSHUR, and I couldn’t be more grateful for the support of our investors and partners in helping us realize our goal of becoming the on-demand economy insurance market leader.

“We know from our research that on-demand economy drivers need new approaches from the insurance industry to support their lifestyles, and Viola Growth and MS&AD Ventures have demonstrated their commitment to helping to build the new generation of technology-driven insurers. As Natalie joins the board and Bill takes the reins as Director of US Markets, I know their experience and insight will prove invaluable as we continue to grow in 2024 and beyond.”

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