Layr, an insurance tech company, has closed a $10 million round of financing led by Cota Capital. Here’s the word;
The K Fund, HSCM Ventures, Sandbox Industries, and Flyover Capital also participated in the round. The company will use the funds to expand go-to-market operations and bolster Layr’s platform functionality for brokers. Independent insurance brokerages use Layr’s cloud-based tools and services to increase broker profitability and customer satisfaction in small business insurance operations.
“One of every four dollars in the GDP goes through the insurance industry, yet it’s glacially slow to change. Many of the tools to distribute and service insurance products are outdated, using the same technology as when I entered the industry 20 years ago. Layr’s changing that for underwriters, brokers, and policyholders,” said Phillip Naples, founder and CEO of Layr.
“When brokers use Layr for their small business insurance management, their policyholders receive insurance services that are as easy and painless as their online banking. With Layr, broker partners handle more clients with ease and at higher margins, all while gaining valuable business intelligence. It’s time to bring small business insurance into the 21st century.”
Layr’s platform modernizes the complex, manual workflows of small business insurance for a digital, data-driven future. With Layr, brokers can serve up to 6 times more small business clients, transporting brokerages’ small business units into high-margin territory. Layr’s platform also optimizes the insurance experience for small business owners who are traditionally stretched thin managing their business. When a brokerage works with Layr, their small business clients can access a white-labeled, secure online portal to shop for or renew coverage, file claims, easily generate necessary insurance documentation, and download or pay bills online at their convenience, 24×7.
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