CHICAGO, March 25, 2021 (GLOBE NEWSWIRE) – Snapsheet, a leader in cloud-native claims management software, today announced it has raised $ 30 million in Series E2 funding. Ping An Global Voyager Fund and Pivot Investment Partners led the round. Existing investors include Nationwide, Liberty Mutual, Intact Ventures, Tola Capital, Commerce Ventures, among others. These new funds will be used to accelerate growth and add new functionality to Snapsheet’s cloud-native end-to-end claims management platform. Global Voyager Chief Investment Officer Donald Lacey will join Snapsheet’s board of directors. This funding brings the total Snapsheet collected to date to over $ 100 million.
Snapsheet provides fast and simple claims processes and experiences for insurance companies, third party administrators, policyholders and suppliers. Snapsheet’s pioneering virtual appraisal software has become the leading claims management platform that intelligently digitizes and automates the end-to-end process – from first electronic notice of loss to investigation, reservation and payment. payment. Snapsheet Claims Solutions are designed with flexibility in mind and empower claims organizations of all sizes to see the benefits of digital, thanks to the native Snapsheet Cloud solution suite – Snapsheet Claims, Snapsheet Ratings and Snapsheet Payments – as well as through Snapsheet Assessment Services.
Snapsheet has processed millions of claims and over $ 7 billion in assessments for over 100 clients, including many of North America’s largest insurers, third-party administrators and disruptors to the insurance and sharing economy. . Since 2020, Snapsheet has added 17 new software clients.
“The digital transformation of insurance has increased tenfold over the past year and demand for cloud technologies is higher than ever across the industry,” said Donald Lacey, Chief Investment Officer of Global Voyager. “Snapsheet’s cloud-native complaints management platform is an end-to-end solution that can connect to the existing technology stack to digitize and automate processes through omnichannel engagement tools, a no-code workflow engine and API-based flexibility. This gives auto and home insurers an out-of-the-box platform to dramatically improve claims experiences. We are excited to partner with Snapsheet for this next phase of growth.
“As carriers and their customers are forced to work and engage virtually, we’ve seen the demand for our technology skyrocket in the wake of COVID-19, and it’s here to stay,” said Brad Weisberg , CEO and Founder of Snapsheet. “By digitizing the entire claims process from start to finish, we are able to automate any task and enable insurers to deliver an exponentially better customer experience at the most critical time of the day. their customer lifecycle. “
To fuel product development and expand brand awareness, Snapsheet will also use this latest infusion of capital to make key recruitments within the engineering and sales teams.
“Snapsheet is a proven insurtech leader with a proven track record of pioneering digital innovation in the industry,” said Akbar Poonawala, co-founder of Pivot Investment Partners. “What the Snapsheet team has built is unmatched, and we are delighted to join them at such a crucial time in the growth of the business. “
Snapsheet is a pioneer in virtual assessments and a leader in cloud-native complaints management software, enabling the most innovative complaints organizations to deliver the best customer experiences. With a focus on engagement, digitization and intelligent automation, Snapsheet delivers unmatched technology and processes that enhance the customer experience, drive greater organizational agility, and deliver transformational benefits through its Snapsheet software suite. Cloud.
Snapsheet is the industry leader in claims innovation, including the deployment of the fastest digital auto insurance claims process in the United States. As a trusted innovation partner, Snapsheet works with over 100 clients, including many of the largest insurers, third-party administrators, and disruptors in the insurtech and sharing economy. For more information visit snapsheetclaims.com.
About the Ping An Global Voyager Fund
Established in 2017 by Ping An, the Ping An Global Voyager Fund is a Hong Kong-based investor in growing health technology and health technology companies. The fund typically invests between US $ 15 million and US $ 50 million in non-controlling positions in companies where an affiliation with Ping An’s financial and healthcare ecosystems is likely to create significant value over time. Global Voyager currently manages investments in Europe, Asia and North America.
About Pivot Investment Partners
Pivot Investment Partners LLC is a team of CEO-level operating executives who have grown and transformed financial services companies around the world. The company works closely with a select set of high potential financial services, FinTech and InsurTech companies, investing its operational expertise and capital in their success and accelerated growth. For more information, please visit www.pivotinvestment.com.
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