A Chicago-based startup called Snapsheet has raised a Series C round of $20 million to make life easier for people who have been through a car crash.
The company’s cloud-based software is used by auto insurance providers to guide users through a photo- and information-gathering process on the scene of an accident. It is basically white labeled as a mobile app for each auto insurance provider. On the back end, Snapsheet helps the insurance providers virtually process claims without having to send an adjuster to inspect a vehicle.
The startup’s Series C funding came, in part, from big names in the insurance world. The deal was led by F-Prime Capital and IA Capital Group, and joined by strategic backers Fosun Insurance Group, Liberty Mutual Strategic Ventures, Intact Financial Corp. and USAA. The startup has been working with new school insurance carriers like MetroMile and Turo, and has racked up 35 corporate clients so far, according to a company statement.
Snapsheet President CJ Przybyl said claims handling is becoming more sophisticated, thanks to technology like smartphones, crowdsourced photos, telematics and machine learning. It’s integrating all the technology it can into its platform to help insurance providers process claims more quickly, to get their customers paid as soon as possible and back in safe, repaired vehicles. The company will use its new funding for product development, and hiring especially in client support, sales and marketing roles he said.