Embroker, the digital platform making it radically simple to get business insurance, today announced that it has surpassed an annual $100M premium run rate, a milestone that equates to more than 120% revenue growth year over year. The company also released other leadership milestones, including customer and employee growth, and expanded its executive team with a new CFO, Brian Acks.
The company’s growth represents the strength of its powerful digital business insurance platform that focuses on industry-specific coverage for the most complex and inefficient lines of insurance. Embroker applies modern data-driven underwriting models to assess risk, and create policies that better protect companies against that risk.
In addition to revenue growth, the company announced that it now serves more than 8,000 customers, spanning startups to publicly-listed multinational enterprises, and has more than doubled the size of its customer base over the last year. Embroker’s suite of digital insurance options include products like Directors and Officers (D&O), Employment Practice Liability (EPLI), Errors and Omissions (E&O), Cyber, Crime and others. Management liability products (D&O, EPLI) alone have experienced 3x growth in the past year.
Embroker is also delivering the highest level of customer satisfaction in the industry, with a Net Promoter Score (NPS) of 81. In addition to its online platform, Embroker offers in-house experts to guide customers through the process and to provide insight on risk management at key points in a company’s growth.
“Five years ago sophisticated digital business insurance didn’t exist. When Embroker was founded, we looked at the opportunity to build a better type of business insurance, thoroughly rejecting the legacy approach and instead modeling risk and designing products that cater to the needs of specific types of companies. Fast forward to 2021 and the market is wholeheartedly embracing Embroker’s intelligent digital platform, and we are delivering significant value to our growing base of customers,” said Matt Miller, CEO and Founder of Embroker. “It has been an impressive year of growth for the company, with new products and a strong growing team of experts. We’re looking forward to taking this momentum into 2022, adding new products and capabilities, and continuing to make business insurance more tailored, less expensive, and easier to purchase.”
Accompanying the company’s growth is the continued expansion of its executive bench. Brian Acks, formerly head of finance at Vouch, is joining Embroker as its new CFO. Acks has over 15 years in the Commercial P&C insurance industry, including lengthy experience at CNA, a top 10 commercial insurer. Miller added that hiring Acks means the company is following through on growth plans that were first announced when the company raised $100M series C financing. In total, Embroker has raised over $140 million in funding.
“I have joined a team that believes as I do and is taking big, bold, disruptive steps in the insurtech industry,” Acks said. “I am looking forward to joining the team and driving our insurance strategy, innovation, and expansion together.”
Source: Business Wire