• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Contact Us
  • Sponsor An Email
  • Post A Job
  • Merger & Acquisition Services

Agency Checklists

Massachusetts Insurance News & Job Opportunities

You are here: Home / Insurance News | Massachusetts / Insurtech | Innovation / Insurtech | Funding / Hi Marley Nabs Another $25 Million in Series B Funding

Hi Marley Nabs Another $25 Million in Series B Funding

March 16, 2021 by AC Editor

Funding comes at an “inflection point” for the insurance industry


It’s been a busy week in the insurtech field in Boston. In addition to Corvus’ Insurance’s big announcement, another Boston-based insurtech also announced the results of its recent Series B Funding Round. Hi Marley, the creator of the “only intelligent communication platform built for the insurance industry” has raised $25 million in Series B financing. This latest funding amount follows the $8 million which the company raised back in July 2020 during its initial A1 Funding Round.

The Series B funding round was led by Emergence Capital, with Founder and General Partner Gordon Ritter taking a seat on Hi Marley’s Board. Returning investment firms in the round included Underscore, True Ventures, Bain Capital Ventures and Greenspring, along with additional investors including Brewer Lane Ventures.

“Consumer’s expectations have accelerated; they demand easy, modern and transparent communications with their insurance providers,” said Mike Greene, CEO and co-founder, Hi Marley. “More so than ever, if it doesn’t meet those expectations, they simply take their business elsewhere. In response, carriers are working at an unprecedented pace to meet policyholders where they are – and we’re thrilled to help them get there faster. Our goals, which Gordon and the Emergence team are poised to help us achieve, are to continue to expand across the enterprise, with new ways to communicate while surfacing valuable insights that ultimately help insurers create more lovable experiences.”

Emergence Capital specializes in backing the next generation of industry cloud companies that are hyper-focused on specific challenges within a vertical, and Founder & General Partner Gordon Ritter said the firm has been looking for the next industry stand-out cloud insurance company for a while. “Emergence is excited to partner with Hi Marley, as we believe their people, their vision, and their timing are uniquely situated to transform the insurance industry,” Ritter said. “Mike Greene and the Hi Marley team have the strong industry knowledge we look for in portfolio companies, and their passion for making insurance lovable is contagious.” Hi Marley’s plans for the round include creating powerful new features, ensuring the platform scales across the enterprise, and adding to Hi Marley’s engineering, sales and customer success organizations, among others.


Funding comes at an “inflection point for the insurance industry

In Hi Marley’s official remarks, it noted that this latest funding round comes at an “inflection point for the insurance industry.”

Consumers already enjoyed a tremendous amount of choice in carriers, and they’ve never had more power and ease to change with just a few clicks on their phones. People are also driving less, so customers are looking for products like usage-based coverage to save money, which has squeezed the industry’s margins. The result is a ‘perfect storm’ of customer churn that in some cases has reached 40 percent.

Feedback from policyholders has put pressure on carriers to interact with customers in the channels they prefer, and integrate more of the insurance claims ecosystem, such as body shops and rental agencies, as well as offer digital communications channels for services other than just claims. As a result, the number of carriers using Hi Marley’s platform has doubled, and the company has seen a 4x increase in the user base.  

Print Friendly, PDF & Email

Filed Under: Insurtech | Funding, Insurtech | Innovation, Latest News Tagged With: Agency Checklists, Hi Marley, Insurtech Boston, massachusetts insurance news, New England Insurance News, SMS text platform for insurance claims

Primary Sidebar

Sponsored

Sponsored

MA Division of Insurance Announcements

Latest Agency Sales

2022 Was An Up & Down Year For Agency Mergers & Acquisitions

2022 Was An Up & Down Year For Agency Mergers & Acquisitions

Insurance Agency Mergers & Acquisitions In Massachusetts | Q4-2022

More Agency Sales

Career News

The Hanover Appoints Kate B. Williams to President of E&S

The Hanover Appoints Kate B. Williams to President of E&S

Hi Marley Welcomes Naved Siddique as SVP, Strategy and Solutions

Hi Marley Welcomes Naved Siddique as SVP Strategy and Solutions

New Hampshire Insurance Department Staff Members Appointed to NAIC Standing Committees

Michael Percy Appointed To Concord Group Board of Directors

Michael Percy Appointed To Concord Group Board of Directors

Layoffs At Two Boston-Based Insurtechs

Layoffs At Two Boston-Based Insurtechs

Massachusetts insurance news, MA Insurance News, Mass. Commissioner of Insurance Gary Anderson, NAIC 2019 Appointments

NAIC Names Its 2023 Committee Leadership

The Hartford Names Hank Dominioni Head Of Northeast Division Sales And Underwriting For Middle And Large Commercial

The Hartford Names Hank Dominioni Head Of Northeast Division Sales And Underwriting For Middle And Large Commercial

Plymouth Rock Appoints Rachel Switchenko as Vice President of Customer Solutions

Boston Insurance Brokerage LLC Announces Promotion of Cara MacDonald to VP of Workers’ Compensation

Boston-based Risk Strategies

Risk Strategies Names Doran Lamond as Commercial Lines Leader, New England Region

View More Career News

In Memoriam

In Memoriam: Nancy L. Perocchi, 1937-2022

In Memoriam: Peter J. Nobile, Jr., 1931-2022

In Memoriam: Nancy Jane A. Vajcovec, 1947-2022 | Agency Checklists

In Memoriam: Nancy Jane A. Vajcovec, 1947-2022

CAR News

Outgoing Gov Baker Signs Catalytic Converter Bill on Way Out

Road Safety Analysts Put Mass. In “Danger” Zone

Final Look 2022: The Massachusetts Private Passenger Auto Insurance Marketplace

View More CAR News

Massachusetts Law Updates

Appeals Court Reins in Superior Court’s Expansion of Risk Management

Court Limits Indemnity Agreements Interpretation and Reverses $237K Legal Fee Award

Insured’s $2 Million Claim For Loss Prevention Costs Scuttled By The Supreme Judicial Court

A look at the Supreme Judicial Court of Massachusetts’ ruling on Ken’s Foods’ common law reimbursement claim.

An Insured’s Underpayment of Loss Lawsuit Over Brookline Building Backfires

The Appeals Court recently affirmed a decision in Anwar Faisal et al. v. United National Insurance Company that reminds one of the saying, “Be careful what you ask for. You may get it.” In this case, the insured sued to get more money on a property damage claim, asking the court to rule on his […]

Failed Foray Into Massachusetts Ends In A Lawsuit For New York Agency Over Its Producer’s Understanding of Salary v. Draw

A case in point about what can go wrong when an agency, its officers, and a producer being onboarded, come to loggerheads and litigation ensues.

More Mass. Law Updates

DOI News

Massachusetts Remains The 14th Largest Insurance Marketplace As Ranked By Total Premium Volume

Facts & Figures For New England Insurance Departments & Insurance Producers | 2023

Massachusetts Insurance Commissioner Honored for Exceptional Leadership

DOI: Insurance Companies Must Renew MA Appointments by October 14th

View More DOI News

Insurance Fraud

Walmart Will Pay $500k For Its Failure To Follow Workers’ Comp. Prescription Pricing Procedures

Former Insurance Adjuster Indicted in Connection with Stealing Identities of Four Victims of Merrimack Valley Gas Explosions

Phony Pumpkin Assault Claim Gets 3 Years For Insurance Fraud

Edgartown Masonry Company Owner Indicted for Workers’ Compensation Fraud

More Insurance Fraud News

Footer

Agency Checklists

Contact us

14 Summer Street
Suite 102
Malden, MA 02148
617-598-3800

Advertise on Agency Checklists

We offer a variety of ways to get help promote your company or product.

Announcements
Email Sponsorships
Partnerships
Custom Collaborations

*Affiliate Disclosure

Please note that any of Agency Checklists’ articles might contain one or more affiliate links. This means that any subsequent purchase resulting from these links may result in a commission for us, but at no additional cost to you. For example, as an Amazon Associate, Agency Checklists earns a commission from all qualifying purchases. By working with affiliates we can continue to keep Agency Checklists subscription free. Thank you for your support.

SEARCH OUR SITE

Explore Our Archives

Copyright © 2023 · Agency Checklists · All rights reserved.

 

Loading Comments...