BOSTON--(BUSINESS WIRE)--TowerIQ, a market neutral communication platform for the insurance industry today announced that it has raised $2M in seed funding. The round was led by Hyperplane Venture Capital, and includes additional investments from Vestigo Ventures and Clocktower Ventures. TowerIQ partners with insurance brokers, agents and carriers to provide policy holders with a modern, digital experience. The TowerIQ platform allows agencies and brokers to facilitate user-friendly and compliant communications from application to binding of an insurance policy.
Alongside the fundraise, the company also announced the hiring of former Plastiq CTO, Michail Medvinsky. Michail brings deep enterprise technology experience, having previously been VP of Software Development at Fidelity and Senior Technologist at MineralTree. The addition of Michail will allow TowerIQ to accelerate machine learning applications, advanced analytics and business intelligence products designed specifically for the insurance industry.
Currently, the commercial insurance market is opaque. Collecting, organizing and managing actionable data remains an impossible undertaking for brokers and carriers alike. Large institutional brokerages struggle to provide the expected client experience due to legacy systems that are disaggregated and cumbersome. These systems drain valuable time and capital that should be allocated to revenue growth.
“Delivering powerful insight and analytics for insurance markets starts with clean reliable data. At TowerIQ we’re solving the most fundamental issues from the ground up, our partners can expect to uncover new growth opportunities, daily.” - Adam Demos CEO, TowerIQ
TowerIQ seamlessly brings clients from application to binding by augmenting broker expertise with a low touch technology platform that distributes ingestible data directly to carriers. This frees brokers and agents to focus their efforts on solving the business challenges facing their clients, allowing them and their firms to win more business and improve client retention.
“Streamlining communications between brokers and carriers has always been a challenge. TowerIQ provides easy to understand policies, and industry leading connectivity.” - Raymond Oral, Former CIO of CNA (NYSE:CNA)
About TowerIQ Inc:
TowerIQ is an enterprise SAAS platform providing robust communication, data insights, and exposure gathering for the commercial insurance industry. The TowerIQ software replaces outdated, inconsistent communication and application methodologies with a simplified interface and centralized data-collection system to improve agent and broker efficiency, as well as policyholder satisfaction. TowerIQ was founded by Adam Demos (AppAnnie) and Dan Hurwitz (Willis Towers Watson), and supported by investments from Hyperplane Venture Capital, Clocktower Ventures, and Vestigo Ventures.
About Hyperplane Venture Capital:
Hyperplane Venture Capital is a seed stage firm based in Boston, Massachusetts. The firm partners with exceptional founders who are harnessing machine intelligence, sensor technology, and cloud computing to design solutions at the nexus of perception, communication, and insight. Hyperplane’s portfolio covers a wide array of industries including financial technologies, robotics, digital health, industrial automation, and others.