Embroker, Chief in Company Insurance, Pronounces Key Income, Buyer, and Management Milestones for 2021 – The Bakersfield Californian
SAN FRANCISCO – (BUSINESS WIRE) – Nov. December 2021–
Embroker, the digital platform that radically simplifies the process of getting business insurance, announced today that it has exceeded an annual premium rate of $ 100 million, a milestone that represents more than 120% year-over-year revenue growth. The company has also announced other leadership milestones, including customer and employee growth, and has added a new CFO, Brian Acks, to its leadership team.
The company's growth represents the strength of its powerful digital business insurance platform, which focuses on industry coverage for the most complex and inefficient insurance lines. Embroker uses modern data-driven underwriting models to assess risk and create guidelines that better protect companies from this risk.
In addition to growing sales, the company announced that it now serves more than 8,000 customers, from startups to publicly traded multinationals, and has more than doubled its customer base in the past year. Embroker's range of digital insurance options includes products such as Directors and Officers (D&O), Employment Practice Liability (EPLI), Errors and Omissions (E&O), Cyber, Crime and others. The management liability products (D&O, EPLI) alone grew three times in the past year.
Embroker also delivers the highest customer satisfaction levels in the industry with a Net Promoter Score (NPS) of 81. In addition to its online platform, Embroker offers in-house experts to guide clients through the process and provide insights into risk management at key points of business growth.
“Five years ago there was no sophisticated digital business insurance. When Embroker was formed, we considered the possibility of building a better type of business insurance by thoroughly rejecting the legacy approach and instead modeling risk and developing products tailored to the needs of certain types of businesses. Fast forward to 2021 and the market is wholeheartedly embracing Embroker's intelligent digital platform and we are adding significant value to our growing customer base, "said Matt Miller, CEO and Founder, Embroker. “It's been an impressive year of growth for the company with new products and a rapidly growing team of experts. We look forward to taking this momentum with us into 2022, adding new products and features, and continuing to make commercial insurance more tailored, cheaper and easier to use. "
The growth of the company is accompanied by the further expansion of the board of directors. Brian Acks, former CFO at Vouch, joins Embroker as the new CFO. Acks has over 15 years of commercial property insurance industry experience, including years of experience with CNA, one of the top 10 commercial insurers. Miller added that hiring Acks means the company is pursuing growth plans that were first announced when the company raised $ 100 million in Series C financing. In total, Embroker has raised over $ 140 million in funding.
"I've joined a team that believes as I do and is taking big, bold, and disruptive moves in the insurtech industry," said Acks. "I look forward to joining the team and driving our insurance strategy, innovation and expansion together."
More information about Embroker can be found at www.embroker.com.
Embroker is transforming commercial insurance by making it radically easier for companies to find the right insurance at the best price. Embroker focuses on industry-specific coverage for the most complex and inefficient lines of insurance, such as directors and officers, labor practices liability, cyber and professional liability. Embroker uses predictive modeling with proprietary technology to completely automate underwriting and make the buying process easy, fast and cheaper. Through Embroker Access, Embroker enables partner agencies and wholesalers to offer their customers all of Embroker's industry-leading insurance products. Founded in 2015, Embroker is headquartered in San Francisco and has raised more than $ 140 million in funding from leading fintech and insurtech investors.
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CONTACT: McClain Stone
104 Western partner for embrokers
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES SECURITY TECHNOLOGY SMALL BUSINESS INSURANCE SOFTWARE
Copyright Business Wire 2021.
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Copyright Business Wire 2021.