We use cookies

We may place these for analysis of our visitor data, to improve our website, show personalised content and to give you a great website experience. For more information about the cookies please visit our Privacy Policy.

Okay, I understand
Category Name

Insurate raises $4.5m!

October 5, 2021

Insurate, “the data science-based underwriter providing fair and transparent workers compensation solutions” to high hazard small/mid-market companies, announced a $4.5 million seed round led by HSCM Ventures, the venture capital arm of Hudson Structured Capital Management Ltd. Joining the round are Foundation Capital, Revolution’s Rise of the Rest Seed Fund, Clocktower Technology Ventures, Sure Ventures, and several angel investors.

Founded in 2019 by Joe McILhon, a former independent agent and 17 year veteran of workers’ compensation insurance, Insurate has developed a Safe-Tier Index, a blend of OHSA history, statistics, and claims history, to identify safe businesses and help in pricing insurance. Insurate’s solutions are offered in partnership with Key Risk (a Berkley Company), Encova Insurance, and several additional workers’ comp insurers. Insurate is currently in market, and average policy savings to date have been 24% without applying maximum allowable credits.

“We are building a future where there is a win-win-win relationship between the policyholder, the agent, and the insurance carrier. We are aligning fairness, transparency, and value to create the ultimate customer acquisition and retention platform for the trusted partners of high hazard companies, the independent agents. Many small industrial businesses take safety seriously, but they are penalized up to 95% in the pricing of work comp based on perceptions that their work is dangerous. We are bringing data intelligence to discern safe from unsafe, which we combine with human intelligence, to bring fair pricing to safety-conscious industrial companies in the $22B high risk segment of the statutory work comp market.” – Joe McILhon, CEO of Insurate.

Want some leadership wisdom
in your inbox?

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
By clicking submit you agree to processing your personal data by Finpro for the purpose of processing your request. You acknowledge that you have the right to access and rectify above-mentioned personal data. Please visit our Privacy Policy to know more about how we process your data
Category Name
Clyde raises $25m!

Read More
Category Name
Bowtie raises $22.6m!

Read More
Category Name
Mulberry Technologies raises $13.7M!

Read More