Auto Claims Startup Snapsheet Attracts $20 Million in Funding

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Liberty Mutual and USAA are among the backers behind of Snapsheet, a startup that is developing virtual auto claims technology and services that recently closed on $20 million in new financing.

Snapsheet disclosed the Series C funding round on Oct. 14. F-Prime Capital and IA Capital Group led the financing. Liberty Mutual Strategic Ventures, Intact Ventures Inc. and an unnamed USAA subsidiary provided “strategic participation,” according to the announcement.

The company is morphing from an app that connected drivers with body shops to a provider of a full set of claims and customer relations services for insurers.

Snapsheet says its technology and services make handling claims faster and simpler for adjusters, body shops and insureds. The mobile technology allows insureds to settle claims virtually. Insureds can send a photo of their car damage to Snapsheet’s appraisers, who work with insurers and body shops to settle claims.

The company boasts that it takes an average of only 2.5 days to close a claim.

Newer tools include a payment processing system, an app that helps salvage yards assess the value of totaled cars and a network of specialized appraisal photographers for insurers that prefer third-party images.

The Chicago-based startup said it will to use the new money to hire more people in areas including engineering, marketing and sales. Right now, more than 250 people work for Snapsheet.

With financing in hand, Snapsheet will also start licensing its virtual claims processing technology including its full virtual customer relationship management (CRM) suite and various self-service applications directly to insurance carriers.

Snapsheet first launched in 2016 and now serves more than 35 insurance clients, including Metromile, a pay-per-mile auto insurer. Snapsheet also plans to start selling its software in Asia, Europe and South America.

Michael Smith, assistant vice president of corporate development for insurer USAA, said that Snapsheet has already given its members “a convenient new option” that lets them get repair estimates for damaged vehicles.

“As the demand for virtual claims processing technology continues to increase across a massive global market, Snapsheet is well-positioned to bring value to emerging insurance carriers and their customers,” Smith said in prepared remarks.

Source: Snapsheet

Topics Mergers & Acquisitions Carriers Auto InsurTech Claims Tech

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