Funding accelerates software buildout to support surge in demand for more flexible, automated claims experiences.
Chicago, IL – March 25, 2021 – Snapsheet, a leader in cloud-native claims management software, announced today it has raised $30MM in Series E2 financing. Ping An Global Voyager Fund and Pivot Investment Partners led the round. Existing investors include Nationwide, Liberty Mutual, Intact Ventures, Tola Capital, Commerce Ventures, F-Prime Capital, among others. These new funds will be used to accelerate growth and add new functionality to Snapsheet’s cloud native end-to-end claims management platform. Global Voyager’s Chief Investment Officer, Donald Lacey, will join Snapsheet’s board of directors. This funding brings Snapsheet’s total raised to date to more than $100MM.
Snapsheet provides simple and fast claims processes and experiences for insurance carriers, third-party administrators, insureds and vendors. Snapsheet’s pioneering virtual appraisal software has evolved into the leading claims management platform that digitizes and intelligently automates the end-to-end process – from electronic first notice of loss to investigation to reserving and payment. Snapsheet’s claims solutions are designed with flexibility in mind and enable claims organizations of all sizes to see the benefits of digital, through the suite of cloud-native Snapsheet Cloud solutions – Snapsheet Claims, Snapsheet Appraisals and Snapsheet Payments – as well as through Snapsheet Appraisal Services.
Snapsheet has processed millions of claims and more than $7 billion in appraisals for more than 100 clients, including many of the largest insurance carriers, third-party administrators, and insurance and sharing economy disruptors in North America. Since 2020, Snapsheet added 17 new software clients.
“The digital transformation of insurance has accelerated tenfold in the last year, and demand for cloud technologies is higher than ever across the industry,” said Donald Lacey, Global Voyager’s Chief Investment Officer. “Snapsheet’s cloud-native claims management platform is an end-to-end solution that can plug into the existing tech stack to digitize and automate processes through omnichannel engagement tools, no-code workflow engine and API-driven flexibility. This gives auto and home insurers an out-of-the-box platform to dramatically improve claims experiences. We’re thrilled to partner with Snapsheet on this next phase of growth.”
“As carriers and their customers are forced to work and engage virtually, we have seen demand for our technology skyrocket in the wake of COVID-19, and it’s here to stay,” said Brad Weisberg, CEO and founder of Snapsheet. “By digitizing the entire claims process from start to finish, we’re able to automate any task, and empower insurers to provide exponentially better customer experiences at the most critical point in their customer lifecycle.”
To fuel further product development and extend awareness, Snapsheet will also use this most recent infusion of capital to make key hires across engineering and sales teams.
“Snapsheet is a proven insurtech leader that has a demonstrated track record of pioneering digital innovation in the industry,” said Akbar Poonawala, Co-founder of Pivot Investment Partners. “What the Snapsheet team has built is unmatched, and we are delighted to join them at such a pivotal time in the company’s growth.”
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Snapsheet is a pioneer in virtual appraisals and a leader in cloud-native claims management software, enabling the most innovative claims organizations to deliver the best experiences for customers. With a focus on engagement, digitization, and intelligent automation, Snapsheet provides unmatched technology and processes that improve customer experience, drive greater organizational agility, and deliver transformational benefits through its Snapsheet Cloud software suite.
Snapsheet leads the industry in claims innovation including the deployment of the fastest digital auto insurance claims process in the United States. As a trusted innovation partner, Snapsheet works with more than 100 clients, including many of the largest insurance carriers, third-party administrators, and insurtech and sharing economy disruptors. For more information visit at snapsheetclaims.com.
About Ping An Global Voyager Fund
Established in 2017 by Ping An, the Ping An Global Voyager Fund is a Hong Kong-based investor in growth stage fintech and healthtech companies. The fund typically invests between US$15 million and US$50 million in non-control positions in companies where an affiliation with Ping An’s financial and healthcare ecosystems is likely to create significant value over time. Global Voyager currently manages investments across Europe, Asia and North America.
About Pivot Investment Partners Pivot Investment Partners LLC is a team of CEO-level operating executives who have grown and transformed financial services businesses around the world. The firm works closely with a select set of high-potential financial services, FinTech, and InsurTech companies, investing operating expertise and capital in their success and accelerated growth. For more information, please visit www.pivotinvestment.com.
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