New York-based Inshur, which provides auto insurance in three countries, has closed a $19 million funding round led by Israel’s Viola Growth. Menlo Park, Calif.-based MS&AD Ventures and other existing investors participated. The company has raised $78.5 million since 2019 as it expands services in the United States, United Kingdom and the Netherlands.
Subsequent to the funding round, Viola Growth’s general manager, Natalie Refuah, joined Inshur’s board as a nominated chairperson.
“The future is on-demand,” said Inshur co-founder and CEO Dan Bratshpis, a former Merrill Lynch engineer who has led the company since 2016.
‘Breakout’ Growth
Inshur has claimed “breakout” growth in 2023. The company grew 4x by focusing on partnerships with on-demand economy platforms such as Uber and Amazon Flex. Its growth ambitions have risen following its acquisition of California insurer American Business Insurance Services (ABI) in April.
“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,” said Bratshpis.
Inshur’s growth is focused on the on-demand economy, which Statista estimates will reach $15.8 billion by 2029. With a nationwide rollout of services since the ABI acquisition, the company is targeting 3x growth this year.
User-driven Focus
Bratshpis has focused on pricing after an internal report found that over a quarter of on-demand drivers in the United States consider vehicle insurance as one of the “biggest burdens” on their finances. It also has used AI-led technology to meet demand from a quarter of drivers for advice when buying insurance.
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Alongside the funding, Inshur named industry veteran Bill Walrath as its director of U.S. markets. Walrath, who spent over two decades at Farmers Insurance, will lead U.S. insurance business operations, including reinsurance and carrier management. He previously managed general agents and reinsurance at Gateway.
“INSHUR, with its unique and innovative approach to on-demand economy drivers’ insurance — an embedded solution featuring cutting-edge technology and deep insurance expertise ± has gained a leading market position and impressive revenue growth,” said Refuah, a general partner at Viola Growth. According to Refuah, insurers that have focused on specialized insurance and demonstrated excellence in technology, operations, and financial performance have managed to scale rapidly and outperform incumbents.
Inshur expects to use the recent funding to further scale its operations globally, particularly in the United States, further ties with key platform partners and expand its global team of insurance and technology experts.
