Waffle, the all-in-one consumer insurance solution, today announced a total $5 million seed round led by Verve Ventures, with participation from BetterLabs Ventures and Techstars. This news comes alongside Waffle’s official launch in both iOS and web, which is available across all 50 states and connects users with top-rated nationwide insurance providers in minutes.
Born out of research completed at MIT on holistic coverage and risk pricing, Waffle is an all-in-one app that puts all of your insurance needs in one easy-to-use place. In simple terms, Waffle offers the ‘YOU’ insurance – one platform to protect you, everyone and everything you love. This includes your car, home, life, travel, pet, digital life, identity, friends and family.
Many adults, especially Millennials, struggle with their insurance needs, facing too many providers, too many coverage exclusions and a lack of meaningful assistance to understand and reduce risk. To address this, Waffle partners with some of the best insurance companies in the business to offer their users simple, fully customizable products with broad coverage and limited to no exclusions. Waffle’s partners include MassMutual’s Haven Life Agency (Life), Blink by Chubb (Cyber), Crum & Forster Pet Insurance (Pet), Arch RoamRight (Travel), Clearcover (Auto), and Boost (Renter’s).
With these major US providers, Waffle is able to allow users to meaningfully insure the most important aspects of their lives in a fraction of the time and with no hassle. For example, users can sign up for life insurance in mere minutes, with no medical exam needed. They can provide their pets with one of the broadest health and wellness coverage on the market. And they can even protect themselves and their loved ones against hacking, identity fraud and cyber bullying and harassment.
The technology behind Waffle includes a proprietary holistic risk model named Galileo, a risk mitigation engine named Y.O.D.A. (Your Own Derisking Assistant), and a proprietary onboarding engine. This allows Waffle to offer users with one of the best experiences on the market.
“Insurance is one of the most important and necessary things in a person’s life, yet it’s also one of the most frustrating,” says Quentin Coolen, CEO & Co-Founder of Waffle. “Americans are constantly struggling when it comes to insurance: less than ideal coverage, the cost of needing to go out of network, lack of risk mitigation, etc. It doesn’t need to be this difficult or convoluted of a process, and that’s why we set out to make Waffle. We want to provide people with a sense of security and safety when it comes to the things that matter most in their lives.”
Waffle’s launch is kicking off with Pet, Travel, Life, Cyber, and Renter’s insurance. Auto and Home insurance will be available to users by the end of June.
“We like to invest in companies that are changing the way the world works with science and technology,” says Wassim Matar at Verve Ventures. “Waffle is doing just that by revolutionizing how the average person insures the most important parts of their life. Insurance affects everybody and everything, which is why we want to invest in companies like Waffle that are improving upon the very antiquated and out of touch system we currently operate under.”
Waffle is available at https://www.trywaffle.com/ and its app can be downloaded free of charge in the iOS App Store.
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