US-based insurtech company Joshu has raised $3.7 million in a seed funding round for digitizing and modernizing commercial insurance.

The seed round was led by Blumberg Capital and had seen participation from Engineering Capital, Innovation Endeavors, Correlation Ventures, and Sure Ventures.

Joshu caters to insurance carriers and managing general agents (MGAs) by providing a suite of digital tools for helping them get their commercial insurance business online.

By using the platform of the insurtech company, carriers and MGAs sell insurance via multiple distribution channels and also for underwriting insurance automatically.

Roy Mill – co-founder and CEO of Joshu said: “Having built a software solution for a cyber insurance startup previously, my co-founder Shimi Bornstein and I had experienced first-hand the challenges of selling insurance online.

“We also saw where software can become an enabler and the immense opportunity for digital transformation within the commercial insurance industry at large.

“We believe insurance professionals deserve world class tools and platforms to sell their products online and our solution empowers insurance carriers to reimagine how they develop and sell commercial insurance in the digital age.”

Joshu’s solution is said to be designed by taking into account the specific requirements of insurance professionals and enabling them to set up insurance products online quickly and independently. This includes application forms, complete quote and policy document generators, rating rules, reporting and integration functionality, and online store administration.

The company’s platform is said to help insurance professionals provide their clients with an excellent online experience and for easily calibrating and enhancing their products as required.

Bruce Taragin – managing director of Blumberg Capital said: “The insurance industry is ripe with numerous opportunities for digital transformation to better serve a broader customer segment.

“Joshu operates as a true partner with commercial insurance companies to offer a full suite of digital products and capabilities that insurance professionals need to personalize and optimize the user experience for their customers.”

  Blumberg Capital, Bruce Taragin, Correlation Ventures, Engineering Capital, Innovation Endeavors, Insurance industry news, Joshu, Roy Mill, Sure Ventures, USA