Layr raises $10 million
Insurance technology provider Layr has closed a $10 million round of financing led by Cota Capital, with participation from The K Fund, HSCM Ventures, Sandbox Industries, and Flyover Capital.
Founded in 2016, Layr provides a range of solutions that modernize “the complex, manual workflows of small business insurance.” Using Layr, brokers can offer their policyholders an online hub with account management, access to their insurance documents, a consolidated view of their policies, online quotes and claims, and electronic payments.
The company will use the funds to expand go-to-market operations and bolster its platform functionality for brokers.
“One of every four dollars in the GDP goes through the insurance industry, yet it’s glacially slow to change. Many of the tools to distribute and service insurance products are outdated, using the same technology as when I entered the industry 20 years ago. Layr’s changing that for underwriters, brokers, and policyholders. When brokers use Layr for their small business insurance management, their policyholders receive insurance services that are as easy and painless as their online banking. With Layr, broker partners handle more clients with ease and at higher margins, all while gaining valuable business intelligence. It’s time to bring small business insurance into the 21st century.” – Phillip Naples, founder and CEO of Layr.
“Layr’s platform is built by veterans of the commercial insurance industry who understand the challenge that brokerages face to service small business customers. The small business insurance market is large and growing but inherently costly to manage. The challenge is compounded further by an undersupply of licensed account managers, acting as a bottleneck to longer-term growth of the brokerage. Layr aligns their incentives with the broker, by leveraging its platform to service customers at higher profit margins while ensuring a best-in-class experience. Insurance carriers recognize the value that brokers provide as a trusted advisor in their community as customers seek coverage. Layr is building the infrastructure to automate manual, time-intensive tasks and help brokers focus on areas where they can provide the highest value for customers. We believe that Layr has the team, the technology, and the vision to become a leader in small commercial insurance and a de facto solution for brokers as they scale their business.” – Stewart Pond, principal at Cota Capital.