SiriusPoint invests $5m in Broker Buddha

SiriusPoint has announced a partnership with Broker Buddha, whose tech platform aims to transform the commercial insurance market by simplifying the application and renewal processes for insureds, brokers and carriers.

The platform offers an “interactive smart form library”,  SiriusPoint said, and supports the renewal process by highlighting “exposure fields” and showing prior year values, as well as comparing data across submissions. As a result, it added, agents can be more efficient, create a better experience for their clients, and enable submissions of a much higher quality for carriers.

SiriusPoint led the $5 million investment round, which it said will enable Broker Buddha to increase sales capacity, enhance its product, develop new offerings, and accelerate the company into a new phase of growth and expansion. As part of the partnership, Darryl Siry, chief technology officer for SiriusPoint, will join the Broker Buddha board.

Siry said: “While many insuretechs focus on solving the problem of submission management for carriers, Broker Buddha is focused on enhancing the efficiency of the independent agent and their customers. The value of the product is self-evident in revenue retention ratios higher than 100% year over year. Similar to DropBox’s early growth, gaining initial adoption with an agent inevitably leads to growth within the agency as people experience the product.”

Jason Keck, CEO of Broker Buddha, added that SiriusPoint’s partnership and investment experience in insurtechs is “unrivalled and provides an exceptional opportunity for us to progress and grow”.

Broker Buddha was formed in 2017 and received seed funding from Vertex Ventures US in 2019. It has over 100 agencies as clients and its technology replaces email, fax, PDFs, and spreadsheets, “resolving inefficiencies for agents and carriers caused by issues such as inaccurate and incomplete submissions”, SiriusPoint said.