Selling and providing insurance is an old business model. Yet it can still be a pain in the neck for customers to deal with their insurance provider.
Denver-based insurtech startup GloveBox was founded in 2019 to make the customer experience for insurance companies better. And after launching in March of 2020, the startup is building momentum to take over the market.
On Friday, GloveBox announced the closing of a $3 million early stage investment round led by Mercato Partners’ Prelude Fund. This new funding will be used to develop new features for the GloveBox product.
The company has created a tech-focused platform for insurance agencies, policyholders and carriers to connect. Customers can access the platform through the GloveBox desktop or mobile app, and do things like access policy documents, pay a bill or file a claim.
With so many services offered online, most people expect a convenient digital experience when doing business with a company — whether that’s ordering groceries or paying your internet bill. But many insurance companies are stuck in the past, and haven’t ironed out their online presence. This can be annoying for customers, who have to be put on hold or send an email to an agent every time they want to file a claim.
GloveBox’s goal is to be an all-in-one platform that gives customers a seamless insurance experience, which in turn rewards the insurance provider with higher customer satisfaction.
Over 100 insurance agencies have signed up for GloveBox since its launch last year. Now the company is averaging five new customers per week.
GloveBox was founded by Ryan Mathisen, Andy Mathisen, Sean Mulhern and Alex Rolex — a team of insurance professionals who knew about these pains firsthand.
“As former insurance executives, we know the issues facing smaller, independent carriers, including the lack of technology at their disposal,” GloveBox CEO Ryan Mathisen said in a statement. “With this funding, we will dramatically expand and accelerate our platform development reaching more agency partners faster and more efficiently. GloveBox is changing the way that policyholders interface with the independent channel and this is only the beginning for us.”