American insurtech Broker Buddha has raised $4.5m in a funding round led by venture capital firm Vertex Ventures.
The proceeds will be invested to expand the firm’s offering, increase staff headcount as well as boost marketing efforts.
To simplify the insurance application and renewal process, the online submission platform of Broker Buddha converts PDF insurance applications into interactive smart forms.
Visiting the agency website, prospects can complete applications online while returning clients can update their forms and sign electronically.
Broker Buddha CEO Jason Keck said: “The product transforms an outdated way of doing business that has long been frustrating and slow-moving for brokers and their clients. It frees up valuable time so agents can focus on what they love doing — taking care of their clients.”
Vertex Ventures partner Sandeep Bhadra said: “Broker Buddha’s product provides a crisp, modern interface driving massive efficiency gains for the client, broker, and underwriter.
“By relieving some of the tedium, they enable more of the white-glove, customised service business owners need and love. We’re excited to partner with a company driving such significant industry change.”
Broker Buddha is said to lower the time spent on applications and renewals by up to 80%. The insurtech is part of foundry and venture capital firm Interplay.