QBIS Insurance Solutions, Inc., an Oakland based insurance technology startup, today announced a $3 million Series A funding round. The round follows a Seed investment a few months prior, and was led by a consortium affiliated with Heffernan Insurance Brokers and two other strategic insurance company investors.
QBIS is developing a cloud-based underwriting and delivery platform for insurance agents and their customers. The platform enables brokers to transact with numerous high-quality insurance companies in a centralized, simplified and instantaneous manner. QBIS operates both as a virtual wholesaler or managing general agent (MGA) as well as a licensor of software to other insurance product owners (insurance companies, other MGA’s, etc.).
The founding team represents a diverse breadth of experience across the disciplines of insurance, technology, and user experience. Two of the founders have prior insurance technology experience, previously working in the direct-to-consumer space. It was their experience, in particular the unsolicited demand they saw from insurance agents and brokers that led to the creation of QBIS. “The lessons learned were clear. Over 97% of commercial insurance transactions utilize agents/brokers and they are craving better technology to drive efficiency and better customer experiences. We’re honored and excited to be working with insurance professionals to bring modern solutions to what has otherwise been a very manual and cumbersome process,” said Greg Morris, co-founder and CEO of QBIS.
QBIS is initially working with a handful of key strategic partners in order to establish a core arsenal of insurance products and test feature sets in a few geographic regions. The company expects a broader launch into the national marketplace by early 2017.
About QBIS: QBIS Insurance Solutions, Inc., based in Oakland, CA, was incorporated in early 2016 to provide a modern and simplistic solution to insurance distribution. Through a portal-driven approach that leverages technology, data and design, QBIS is redefining the way that insurance is transacted.