NOW Insurance closes $2.5 million seed round, enhances AI-enabled platform
Commercial insurance tech solution serves small business community with best-in-class experience and competitive coverage options.
HOUSTON, Texas (Dec. 10, 2020)—NOW Insurance, an AI-enabled insurance platform designed to quickly match small business owners and professionals with affordable coverage plans, announced today it secured an additional $1.25 million in seed funding led by The MFO Group. The company has raised $2.5 million to date after its initial raise in 2019.
With the funding, the company will further invest in its machine learning algorithms, expand its software engineering team, and continue to develop its products and service offerings for small businesses and professionals. Additional investors include 8th Light—lead developers of the NOW Insurance platform—and Philip Cabaud, NOW Insurance’s co-founder and CEO.
“During a time when small businesses have been faced with extreme financial challenges, commercial insurance can be an undue burden,” Cabaud said. “We’re not just creating a portal to connect users with brokers. NOW Insurance is an intelligent platform designed to simplify the application process through real-time quotes, and match SMBs and professionals with competitive, customized coverage plans that fit their exact needs.”
NOW Insurance provides small business owners, health care practitioners and other professional classes with a seamless purchasing experience for general liability, professional liability, and cybersecurity insurance coverage, with plans to expand into other coverage areas. The full-stack commercial insurance platform leverages AI and best-in-class risk selection to customize a user’s coverage to their exact needs and coverage requirements.
“The commercial insurance industry is primed for the next wave of digital transformation,” said Mark Prestipino, director of The MFO Group. “NOW Insurance’s innovative platform, combined with decades of first-hand experience in the commercial insurance space, is well-positioned to be among those solutions that are transforming this underserved industry. We look forward to working with the NOW Insurance leadership team.”
For more information on NOW Insurance, visit www.nowinsurance.com.
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About NOW Insurance
NOW Insurance, powered by AI and best-in-class risk selection, is an insurance platform designed to match small business owners and professionals with affordable coverage plans based on exact coverage needs and requirements. Founded in 2019 by insurance industry-veteran Philip Cabaud, NOW Insurance is backed by Lloyd’s of London, the world’s leading insurance market, and provides a wide range of insurance products at some of the most competitive prices. For more information, please visit www.nowinsurance.com.