FinTech news in insurance technology category

Pie Insurance, which provides workers’ compensation insurance to small businesses, has closed on a $315 million Series D round of funding. Notably, workers’ compensation insurance is the only commercial insurance mandated for nearly every company in the United States, points out Lauren Kolodny, founding partner at Acrew Capital.

Baldwin describes Boundless Rider as a standalone motorcycle, e-bike and power sports product that can be purchased directly from the company or eventually, bundled with another carrier’s homeowner or car insurance product or purchased through a manufacturer at the time of purchase. CoverTree CEO Adarsh Rachmale – who left his product management role at LinkedIn to focus on building the insurtech with Rishie Modi and Divyansh Sharma – says the goal of the company is to only focus on pre-fab or manufactured home residents. As of 2019, about 10% of new single-family homes (including manufactured homes) were categorized as manufactured homes. Boundless Rider is a new insurance company founded specifically to serve riders of motorcycles, e-bikes and power sport vehicles.

Branch, according to co-founder and CEO Steve Lekas, is the only insurance company that he is aware of that can bind insurance through an API, and the only one that can bundle auto and home insurance in a single transaction.