Herald rakes in $12m to improve insurance connectivity

Oct 18, 2024

This infusion will accelerate Herald's initiative to digitally connect insurance brokers with carriers and streamline workflows through advanced AI capabilities.

Herald, a provider of digital infrastructure for commercial insurance, has secured $12m in Series A funding to speed up the development of its unified application programming interface (API) to boost insurance connectivity.

The investment round was co-led by Lightspeed Venture Partners and Brewer Lane Ventures. Afore Capital and Underscore Venture Capital also contributed to the fundraise.

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This infusion will accelerate Herald’s initiative to digitally connect insurance brokers with carriers and streamline workflows through advanced AI capabilities.

It will support the integration of Herald’s API into brokerage workflows, including agency management systems and customer relationship management systems (CRM).

This integration allows brokers to quote and bind insurance in real-time.

Herald’s technology is already deployed by eight of the top-25 largest brokerages and is supported by a network of service and technology partners developing brokerage solutions.

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The company’s platform provides access to over 80 insurance products from more than 35 carrier partners across various lines of business, including cyber insurance, management liability, professional liability, business owners policy, general liability, and workers’ compensation.

Herald CEO Matt Antoszyk said: “Our API gives brokers the flexibility to work within their preferred workflows, whether it’s in a CRM or a custom-built platform.

“This funding allows us to accelerate our mission of making broker-carrier connectivity more seamless, while expanding our capabilities to serve both sides of the market.”

By eliminating redundant data entry and streamlining workflows, Herald allows brokers to deliver more accurate information and carriers to underwrite with enhanced precision.

Brokers dealing with commercial insurance often face inefficiencies due to the high volume of complex transactions across various systems.

Herald’s AI-powered features help brokerages and carriers to process data from different formats, such as PDFs and spreadsheets, into a standard transaction format. Automating these processes not only accelerates workflows but also reduces the dependance on manual input.

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