QuoteWell, a tech-enabled commercial insurance wholesale brokerage that is at the forefront of innovating the distribution side of insurance, announced the launch of its brokerage operations to serve independent retail agents. QuoteWell helps agents who are often overlooked and given poor customer service due to low premiums associated with their accounts and provides best-in-class in-house brokers to efficiently find and place the risk.
In the lead-up to its public launch, QuoteWell, founded in 2021, has secured over $15 million in Series A funding led by New Enterprise Associates, Inc. (NEA). Goldcrest and Floating Point also participated in the round. The new capital will be used towards expanding the company’s brokerage team and enhancing the infrastructure that underpins automation and operational efficiencies.
QuoteWell leverages a semi-automated approach to servicing its customers by combining human capital and technology. To date, the company has hired 12 licensed brokers to support submission flow and uses AI-backed models to assist in coverage recommendations from its panel of over 45 carrier partners. As a result, QuoteWell’s brokers can recommend coverage quickly and respond to agents in less than two hours.
Source: QuoteWell
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