Certificial raises $5.8 million
New Jersey-based insurance verification platform Certificial has raised $5.8 million in a Series A funding round that included IA Capital, Nationwide, Cofounders Capital, Fin VC, and Cameron Ventures.
Founded in 2019, Certificial is a platform designed to eliminate pain points for all stakeholders involved in the certificate of insurance (COI) exchange process, including agents and brokers, the insured, and the requestor, by enabling dynamic certificates of insurance using real-time data. In combination with the funding, Certificial has also launched a partnership with the Property and Casualty Insurance Business of EXL, an operations management and analytics company, to provide additional automation for all stakeholders.
“We’re thrilled to have a terrific team of strategic investors which each bring their own unique value and ability to accelerate growth. Together, we are transforming a process and opening up a whole new world of possibilities to stakeholders. Businesses are focused on increasing their digital footprint and Certificial is filling the demand for continuous compliance monitoring. Our platform is designed to bring operational efficiency and automation to all stakeholders. At the same time, having access to real-time coverage information enables companies to make more informed decisions, which further protects the financial interest of all parties.” – Peter Teresi, Certificial co-founder and CEO.
“We are thrilled to be partnering with Pete and the whole Certificial team as they overcome a major pain point for the commercial insurance industry and businesses of all types. We’ve been incredibly impressed by their technical capabilities, industry savvy and the dynamic, frictionless platform they are building to connect stakeholders throughout the insurance verification process.” – Matt Perlman, Partner at IA Capital.
“Business owners need to be able to verify that their partners, contractors and vendors are properly insured quickly and conveniently. Nationwide believes Certificial’s digital technology will provide a level of speed, ease, and automation efficiency that will benefit both agencies and insureds, thus freeing them up to focus on other areas of their business.” – Tony Fenton, Nationwide’s Vice President of Commercial Lines Underwriting and Product.
“We are excited to partner with Certificial. Together, we look forward to bringing to our clients an end-to-end certificate of insurance solution to service requestors in real-time, including certificate issuance, coverage monitoring and compliance management across brokers, carriers and requestors.” – Raghav Jaggi, Senior Vice President and Global Insurance F&A and P&C Co-Leader at EXL.