The world offers no shortage of complicated processes for people to figure out. An imminent example of one is rearing its head with the arrival of tax season. With countless tasks like this hanging over our heads, the less arduous they can be, the better. That’s why an Atlanta company is working to streamline one of the most complicated sectors of all — insurance.
Particularly for small businesses, finding the coverage they need can be easier said than done. Operating a cloud-based platform, Layr employs AI and machine learning tech to help its partner insurance brokers and agencies manage and service commercial policies. When customers are looking for policies, Layr’s algorithms quote pricing and send the pre-written package to underwriters. The platform allows business clients to assess and choose the most appropriate coverage in 12 minutes, according to the company, and enables them to service their own policies and access proof of insurance from the broker’s portal.
“Unlike other offerings that are addressing a single pixel of the process, the Layr technology address the entire spectrum from quote until claim,” Phillip Naples, the company’s founder and CEO, told Built In via email. “It prevents insurance agencies and brokerages from having to jump back into the process because Layr can integrate into both digital and analog workflows.”
This week, the company announced a Series A funding round led by HSCM Ventures that it plans to invest in building out its tech platform and presence. Layr is working on implementing integrations with other insurance solutions, according to Naples. The added tech will better equip the company’s platform to help its agency brokerage partners deliver personalized customer experiences without having to code. Additionally, the company plans to onboard more agencies and brokerages over the coming months.
Layr is also investing the capital in growing its internal team. With a current headcount of 50, the company plans to double this number with hires across new positions spanning customer success, sales, product and engineering.
“Layr is solving a major challenge that brokerages have faced for 30 years,” Naples said. “The Layr platform supports the full lifecycle of the insurance process and we will be introducing new tools and software that will enable wholesalers, MGAs, and carriers to derive value that they never believed they could capture.”
Investors including MGV, Sandbox Industries, Flyover Capital and Hannover Digital Investments also participated in Layr’s latest round.