New York based insuretech company Sure has raised $8m in Series A funding led by IA Capital. Sure provides on demand insurance coverage for everything from apartments to pets, flight cancellations, and weddings. The company also said it uses an AI-powered “robo broker” to help users find the best insurance.
Available on the web and through native mobile apps on Android and iOS, Sure doesn’t underwrite its own policies, instead focusing on building the technology while it partners with insurance firms such as Chubb and Nationwide, which do the underwriting on its behalf. Alongside today’s funding news, Sure is launching what it touts as a “first-of-its-kind smartphone protection” product. The insurance can be purchased any time during a mobile phone’s lifetime, with Sure able to remotely test the health of a device before issuing a policy. The technology, which Sure said is “patent pending,” allows the company to carry out diagnostics in less than a minute directly through the Sure mobile app and test things like battery, memory, CPU, and more entirely autonomously.