AI-Driven MGA Clearcover Raises $43 Million; American Family Among Backers

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American circle of relatives insurance joined a new $forty three million financing spherical for clearcover, a dealing with wellknown agent with an synthetic intelligence-pushed platform focused on car insurance.

The chicago-based totally insurtech startup stated its series b financing changed into led by way of cox establishments. American family ventures also participated, in conjunction with ia capital institution, lightbank and hyde park angels. Silicon valley financial institution supplied debt financing.
The business enterprise formally released in early 2018, and started selling in california. It now has distribution companions inside the automotive, insurance and financial services industries along with cars.Com, the zebra and chime.

Clearcover ceo kyle nakatsuji said the brand new financing will assist the mga expand into extra states, pursue new distribution companions and in addition spend money on its facts-driven platform, which makes use of synthetic intelligence to make insurance tips.

Clearcover pitches its api platform as a manner to streamline the insurance buying system and eliminate the want for immoderate advertising. The business enterprise additionally claims it could shop clients 50 percent on car coverage.

Clearcover announced an initial $11.Five million funding round in 2017 led with the aid of lightbank, with participation from greycroft companions, 500 startups, silicon valley financial institution and some of unnamed insurance and fintech buyers.

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