Author: Semsee HQ
The commercial insurance platform enables independent agents to place small commercial risk while providing carriers access to dynamic distribution
New York, February 23, 2022—Semsee, the go-to platform for selling commercial insurance, today announced it has raised a Series B funding round led by Dick Costolo and Adam Bain’s 01 Advisors, with participation from existing investor the D. E. Shaw group, through its venture studio DESCOvery. The funding round will accelerate Semsee’s expansion into new markets and fuel the addition of new technology features that help insurance agents and carriers deliver more insurance policies to business owners. Former insurance executive Jonathan Crystal, Managing Partner, Crystal Venture Partners, is also joining Semsee as an advisor.
During the pandemic, record-setting numbers of new business start-ups launched. There are more than 30 million small businesses in the US and that number is growing. Every one of those businesses needs insurance and most companies buy insurance from agents. Semsee’s platform helps agents identify these small businesses, find the best coverage and value, and matches them with insurance companies and products in real-time. Today, Semsee connects 5,000 agents and is working with more than 40 insurance companies on its platform, having grown 400% in the past year.
“Business insurance has traditionally been very complicated. We started Semsee to simplify and expedite the process of connecting agents and markets to give business owners quality insurance using data and technology,” said Philip Charles-Pierre, CEO of Semsee. “In the past, agents entered data into multiple web portals just to get pricing and product information. Carriers focused on seemingly scattered approaches to getting the risks they want. We’re taking the friction out of that whole transaction, making it faster and more efficient for both sides.”
“By leveraging data and technology, Semsee is changing the way small business insurance is bought and sold in a market that has traditionally been very inefficient,” said Adam Bain, managing partner and co-founder of 01A. “Semsee is providing a better buying experience for everyone, automating insurance quoting and selection right at the point-of-sale. And there are big opportunities to expand, as agents and carriers look for ways to offer more insurance to more business owners.”
Using Semsee, agents can submit one form and receive multiple insurance quotes in minutes. They can compare coverage and pricing information and talk to their clients about what they're buying and what it covers. Insurance companies can simultaneously connect to agents, enabling the most efficient way to access the risks they want. Semsee works closely with its users, and based on their feedback, plans to add more features to make the platform even easier to use in the future.
“Semsee is transforming the small commercial market—it’s so exciting to see the progress as more agents and insurance companies recognize the value,” said David Shainok, Managing Director at the D. E. Shaw group. “We’re very excited about the next phase of Semsee’s growth, especially as it couples rich data with a world class user interface and tools, creating the most complete insurance buying experience in the market.”
“We became an early user of Semsee’s platform given our understanding of the ongoing need for faster and better technology solutions designed for small business insurance. Semsee has already made a big impact on how business insurance is delivered – we look forward to the next chapter,” said Jeff Ritchie, Director, Alternative Distribution, Markel Specialty.
Semsee simplifies and accelerates the small commercial quoting experience for independent agents, giving them more time to service their clients and grow revenue. Inspired by the promise of the original SEMCI initiative, Semsee combines advances in technology, workflow efficiencies and data and analytics to give agents fast, accurate quotes from multiple appointed carriers through a single-form submission. Semsee is backed by 01 Advisors, the D. E. Shaw group, through its venture studio DESCOvery, and Nephila Holdings, Ltd. For more information visit: https://semsee.com.
About 01 Advisors:
01 Advisors is a venture capital firm focused on helping companies grow after they've obtained product-market fit. Founded in 2018 by former at-scale operators, Dick Costolo (Former Twitter CEO) and Adam Bain (former Twitter COO), the firm takes a unique CEO coaching and advisory approach to make multi-stage investments in Fintech, B2B SaaS and Consumer companies. Connect with us at 01a.com.
About DESCOvery and the D. E. Shaw group:
The D. E. Shaw group is a global investment and technology development firm with more than $60 billion in investment capital as of September 1, 2021, and offices in North America, Europe, and Asia. Since its founding in 1988, the firm has earned a reputation for successful investing based on innovation, careful risk management, and the quality and depth of its staff. The firm has a significant presence in the world's capital markets, investing in a wide range of companies and financial instruments in both developed and developing economies.
DESCOvery is the D. E. Shaw group’s venture studio. DESCOvery builds innovative, technology-oriented businesses and ventures in fintech, insurtech, data analytics, and other areas.