Bee Partners is pleased to announce our investment in Embroker, our first insurance related investment to date.
Seven million businesses in the United States all share one risk in common: each could be wiped out by a disaster or lawsuit without the right insurance coverage. The $1 trillion domestic insurance industry protects our economic system by assuming risk through more than 20 major coverage policies and countless specialty niche products in over 1,170 different industries. But business owners are overwhelmed by the complexity of offerings and have relied upon a centuries-old practice of relationships with individual insurance brokers to help explain and maintain their insurance policies.
The importance of such a decision demands a human touch, but who is to say that software can’t drastically improve risk management and policy transparency for business owners? Enter Embroker: helping businesses with cloud-based tools to understand risk and empowering them with the information needed to make intelligent insurance decisions.
Embroker’s software brings transparency to customer’s policies, allowing brokers to better serve both their customers and underwriters. Business owners, CFO’s, and risk managers are able to store, access and request changes to all their policies in one place. Best of all, the service is free.
With over a decade of private equity experience focused on software, consumer products, and insurance, Founder Matt Miller embodies the Deep Market Insight we seek in Bee Partners’ Founders. Coupled with our observation of his work ethic in the early days and his understanding of the insurance industry, not to mention Garrett’s personal relationship with ‘Miller’ dating back to the Playa (see picture below!), we chose to lead Embroker’s Seed round of financing last July.
Miller and Goldberg on the Playa
Recently, after several months dedicated to product development, Embroker announced the release of their beta — we encourage you to visit their homepage to request access. And…please feel free share with other small business owners (employee count > 20) who may have confusion as to whether they have adequate risk coverage. We’ll give you a hint… they all need support.
On behalf of our investors and partners here at Bee Partners, please join us in welcoming Embroker as they bring transparency to the commercial insurance industry!
Click here to watch a video with Matt Miller, CEO Embroker