Insurtech company’s AI-enabled platform recognized as the future of small business insurance.
Atlanta, Georgia — Atlanta-based business insurance platform Layr has paved the path for the future of small commercial insurance with its unique, artificial intelligence-powered platform. The startup has secured an investment from insurance giant Lloyd’s following a successful experience in the Lloyd’s Lab, a cohort of insurtech (insurance technology) startups. Lloyd’s support not only shows its commitment to the modernization of its marketplace, but also that they are eager to make it as easy as possible for the U.S. small commercial market to do business with Lloyd’s for specialty insurance.
“The world’s oldest and most respected insurance marketplace acknowledges that the technology we are creating is the future of small commercial distribution,” says Phillip Naples, CEO of Layr. “Layr leverages technologies like artificial intelligence and machine learning, providing the best way to profitably unlock the small commercial insurance market.”
Layr’s smart technology is a win-win for both the insurance carrier and the small business owner. It provides the easiest, fastest and most cost-effective way for insurance carriers to get their products in front of small business owners, while offering the most positive insurance experience for the small businesses themselves.
Layr is not a quote-comparison engine or lead generator. Instead, its technology sources real-time underwriting data and automates upselling and cross-selling throughout the policy year. It does the hard work for small businesses looking to buy insurance by analyzing their business and making tailored insurance recommendations while predicting what the recommended coverage will cost. What’s more, Layr is eliminating the tedious small commercial insurance application and confusing quotes that typically follow it. In just a few clicks, coverage is bound within 48 hours and monthly credit card payments are accepted.
Lloyd’s selected Layr to join the first cohort of its London-based Lloyd’s Lab of only 10 insurtech startups from hundreds of applicants from all over the U.S. and world. The insurance marketplace behemoth has now invested $150,000 as part of a large pre-seed round Layr is in the process of closing. Trevor Maynard, head of innovation at Lloyd’s, will be appointed as a board observer to ensure a close and successful partnership between Lloyd’s and Layr moving forward.
“Layr’s innovative technology is the exact reason we launched the Lloyd’s Lab. Our investment in Layr shows Lloyd’s commitment to drive innovation like this within the insurance market,” says Trevor Maynard, head of innovation at Lloyd’s.
Layr enables companies to get the liability insurance protection they need and pay for it monthly with a credit card. The natural evolution of small business insurance, Layr’s AI-powered online platform automates the intelligence of the broker while predicting carrier pricing. It enables business owners to purchase insurance tailored to their company in minutes from a simple, online self-service portal.
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