Snapsheet, which delivers end-to-end software-as-a-service claims platforms for the insurance industry, announced it received new funding to expand the technology it says is simplifying the auto claims process.
The funding, which will help expand the adoption of this technology, is $29 million in Series E funding. Tola Capital led this round, along with OCA Venture Partners, Sedwick, F Prime Capital Partners, and strategic investors USAA, Liberty Mutual Strategic Ventures, Nationwide Mutual Insurance, and State Auto Labs. This brings its total funding to $71 million.
Why did Tola Capital make their investment in Snapsheet? “Our insurance carrier customers and partners are experiencing incredible benefits from Snapsheet’s end-to-end digital claims workflow, leveraging the best software and data innovation to produce better experiences for end-customers,” said Tola Capital’s founder and managing director Sheila Gulati, who also serves on Snapsheet’s board. “Every interaction is an opportunity to create greater customer satisfaction and loyalty, and Snapsheet’s platform yields both as it streamlines claims experiences for end-customers.”
“Snapsheet has digitized the entire claims process,” said Snapsheet’s CEO and founder Brad Weisberg, in a statement. “In the last few years, we have advanced our cloud-based claims and analytics solutions. This is no longer just for auto, but across all P&C lines. The evolution of where we are going is making our technology available to clients as SaaS claims solutions.”
Weisberg adds that Snapsheet plans to accelerate and expand their technology, software and processes to expedite the insurance claims process. Snapsheet has 75 clients that use its technology.
Video credit: Snapsheet/YouTube