Self-service insurtech: Who is GloveBox?
Labelled as “by agents, for agents,” GlobeBox is an insurtech striving to provide a seamless and integrated self-service platform for insurance customers. From a single portal, they will be able to:
- Access policies
- Pay bills
- Start a claim
- Request a quote
Furthermore, clients will gain access to a full list of carriers, with which they can then add, register, and connect. The GloveBox website states that the platform is currently available for monthly licensing, starting at US$150.
Funding a new approach to insurance
The Denver-based company’s origins date back to when co-founders Andy Mathisen, Ryan Mathisen, Sean Mulhern and Alex Rolex met while working at Colorado Insurance. The four eventually decided to found their own venture in 2019.
A seed funding round led by Mercato Partners’ Prelude Fund and backed by Heffernan Insurance Brokers subsequently took place on 12 March, netting $3m.
Ryan Mathisen, CEO, spoke with Crunchbase News and said, “We saw the pains of running a business and got sick of the trickle-down effect of technology in the insurance space and wanted to build something for clients.”
Zach Sivertson, Managing Director of the Prelude Fund, stated that Mercato Partners immediately recognised the potential of GloveBox’s platform, “That is really powerful from our perspective. Technology in the insurance space is so neglected, and there is so much opportunity for change.”
On this latter point, Mathisen particularly agreed, “Insurtech is the next fintech. You can see how it is evolving, and insurtech is next.”
Insurtech is on the rise
Indeed, it’s hard to disagree with Sivertson and Mathisen’s perspective; insurtech investment scored one its best years in 2020, and sector premiums are currently predicted to exceed $566bn by 2025.
Moreover, the development and expansion of key startups are happening at an accelerated rate. In the last three months alone:
- Zego became the UK’s first insurtech unicorn
- Lemonade reached one million customers
- Waterdrop is set for a multi-billion dollar IPO
GloveBox is gaining traction at an incredibly exciting time in the insurtech market. Customers are actively seeking a new, digital tech-infused experience from their products and services; the company could be on the brink of ushering in new innovation to a sector decidedly not lacking in this regard.
Image credit: GloveBox
