Insurate, Workers’ Compensation Insurtech, secures $ 4.5 million investment

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Omaha-based Insurate, a data science-based workers compensation provider, announced a $ 4.5 million funding round led by HSCM Ventures, the venture capital arm of Hudson Structured Capital Management Ltd.

Join the round Foundation Capital, Revolution’s Rise of the Rest Seed Fund, Clocktower Technology Ventures, Sure Ventures and several angel investors including independent agents and workers’ compensation buyers.

Insurate says its Safe-Tier Index uses proprietary data, including a predictive score, to identify safe businesses and help price insurance. The wholesaler and general management agency said its average savings on policies to date have been 24%. It requires policyholders to have more than 20 employees and have been in business for at least three years. Companies in the industrial sector are the most likely to realize the largest savings, according to the company, because its data analysis focuses on these companies. It currently offers policies in 35 states.

Insurate coverages are offered in partnership with Key Risk (a Berkley company), Encova, Liberty Mutual, AmTrust and other workers’ compensation insurers.

“Many small industrial companies take safety seriously, but they are penalized by up to 95% in labor compensation pricing because of the perception that their job is unsafe,” said Joe McIlhon, CEO of Insurate , launched in 2019. “We bring data intelligence to discern the safe from the dangerous, which we combine with human intelligence, to deliver fair prices to security-conscious industrial companies in the high-risk segment of $ 22 billion of regulatory labor compensation market dollars.

McIlhon, a former independent agent with 17 years in workers’ compensation insurance, stressed the importance of the independent agency channel. “We are aligning fairness, transparency and value to create the ultimate customer acquisition and retention platform for high-risk business trusted partners, independent agents,” he said.

In August, Insurate announced a partnership with YellowBird, an industry-specific occupational safety and compliance advisory platform that is now available to its policyholders.

HSCM Ventures is the venture capital arm of Hudson Structured Capital Management Ltd., operating its re / insurance business as HSCM Bermuda.

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Workers’ compensation InsurTech Tech Talent

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