Snapsheet raises $20m to license virtual claims processing tech to insurance carriers

By Finextra

Snapsheet, the prominent provider of virtual claims technology and services, today announced the closing of a $20 million series C investment round, led by F-Prime Capital and IA Capital Group, with strategic participation from Liberty Mutual Strategic Ventures, Intact Ventures Inc. and a USAA subsidiary.

Snapsheet will use the investment to grow its engineering, marketing and sales head count as it develops its customizable platform for virtual auto claims.

The company now serves over 35 insurance clients, recently adding innovative carriers like Metromile and Turo to its growing list. With the new investment, Snapsheet will begin licensing its virtual claims processing technology, including white-labeled self-service applications and full virtual CRM suite, directly to insurance carriers.

“Snapsheet’s innovative product and service offering paired with Metromile’s groundbreaking technology allows us to deliver our customers a faster, more efficient, and hassle-free claims experience,” said Luke Harris, Director of Claims at Metromile. “We’ve been impressed with Snapsheet’s industry knowledge and commitment to helping us execute on our goal of creating fiercely loyal customers.”

Snapsheet tracks and manages the customer experience, allowing carriers to adapt to their customer’s needs by the minute throughout the lifecycle of receiving and processing a claim. Through this claims management technology, Snapsheet is able to greatly improve cycle times and customer satisfaction for their clients.

“Snapsheet has already made a positive impact for our members by offering a convenient new option for getting repair estimates for vehicle damages,” said Michael Smith, Assistant Vice President of Corporate Development for USAA. “As the demand for virtual claims processing technology continues to increase across a massive global market, Snapsheet is well-positioned to bring value to emerging insurance carriers and their customers.”

In the coming months, Snapsheet will focus on the development of its virtual claim CRM system that guides customers through the entire auto insurance claim process, from start to finish. New features—from automated email and text message communication to real-time online analytics—help insurance carriers provide a superior customer experience and workflow. Complex ACH/EFT payment workflows can be easily managed with Snapsheet, simplifying the payment process between carriers, customers and body shops.

“Since launching Snapsheet in 2010, we’ve become the first to track and manage the entire customer experience throughout the lifecycle of receiving an estimate,” said Brad Weisberg, CEO of Snapsheet. “The auto insurance industry is desperate for an accurate, customer-centric solution. We give carriers access to a combination of customer lifecycle data and virtual claims processing technology that makes a uniquely customized experience attainable.”

From 2015 to 2016, Snapsheet achieved 100% year-over-year growth. With over 250 employees and 35 insurance clients, Snapsheet will begin selling its software to a global audience, including carriers in Asia, Europe and South America.

“Snapsheet is the preeminent claims technology company and its recent growth and technological developments are unmatched,” said Ben Malka, partner at F-Prime Capital, Snapsheet’s Series C lead investor. “We believe the company’s vision for customer-centric innovation will help insurance carriers around the world process claims more efficiently.”

First appeared at Finextra