LOS ANGELES--(BUSINESS WIRE)--Counterpart, the insurtech using technology and data to transform the $10bn management liability insurance market, has raised $10m in funding led by Valor Equity Partners, early backers of pioneering ventures like Tesla, SpaceX, Addepar, and GoPuff.
Hundreds of brokers nationwide are already using Counterpart to serve thousands of small businesses across most industries. Counterpart offers the only management liability insurance platform that leverages technology at every touchpoint – application submission, coverage selection, binding, claims management, and loss prevention. Whereas many insurance carriers have retreated from this market due to increasing claims costs and severity, Counterpart’s data-centric approach has given them a unique advantage in underwriting small to medium sized businesses.
Joining lead investor Valor Equity Partners are Susa Ventures and Felicis Ventures. Susa has backed leading startups such as Robinhood, PolicyGenius, and Newfront Insurance, while Felicis has funded companies such as Hippo, Plaid, and Credit Karma.
Valor Equity Partners partner and Counterpart board member Jon Shulkin added: “Counterpart is transforming one of the largest and most established industries to provide small and medium sized businesses access to the insurance coverages and support that they need. Their platform goes beyond the scope of a traditional insurer, layering in insights, tools, and services to help business stakeholders navigate this extremely challenging operating environment.”
In addition to funding from top tier growth equity and VC firms, Counterpart is partnering with Markel Specialty, the market-leading specialty insurance division of Markel Corporation, to offer its management liability insurance products. Markel Corporation is a diverse financial holding company serving a variety of niche markets with roughly a $15bn market capitalization. "We have been very pleased with their performance, and it's been exciting watching this team execute their strategy as they move this industry from 1.0 to 2.0 at a critical point in time for brokers and insureds," said Scott Whitehead, Managing Director of Markel’s insurtech underwriters.
“The insurance industry has an opportunity and obligation to use all available information to help small businesses navigate today's newfound risks,” says CEO Tanner Hackett. He added “we spent the last 12 months deepening our understanding of this product in collaboration with the largest wholesale brokers in the country. Counterpart is the first of its kind, data driven platform that gives brokers, and the small businesses they serve, the coverage and tools to address the acute risks of the 21st century workplace. We are thrilled to partner with Markel, Valor Equity Partners, and our broker network to scale our platform and empower businesses to be the best version of themselves.”
Counterpart is the management liability insurance platform for the 21st century workplace. It offers products and services that help companies align the risks and incentives of creating world-class organizations. Counterpart has built the most advanced management liability rating system in the industry to measure small business risk exposures more efficiently, while also proactively identifying and mitigating potential claims. Counterpart is hiring across a variety of roles which can be found under the careers section on their website.