A picture is worth a thousand words, or so the adage goes. Based on that insight, Chicago startup Snapsheet is bringing smartphone pictures into the automotive insurance claims space — and the idea is definitely resonating with investors.
"Since launching Snapsheet in 2010, we've become the first to track and manage the entire customer experience throughout the lifecycle of receiving an estimate," said Brad Weisberg, CEO of Snapsheet in a statement. "We give carriers access to a combination of customer lifecycle data and virtual claims processing technology that makes a uniquely customized experience attainable."
The company announced it raised a $20 million Series C round of funding led by F-Prime Capital Partners and IA Capital, with strategic investments from insurance giants Liberty Mutual Strategic Ventures and Intact Financial Corporation.
Co-founder and President C.J. Pryzbyl told the Tribune that having household insurance brands as investors is particularly beneficial because it lends credibility as an operator in a conservative industry.
"They're very helpful from a business perspective," Przybyl told the Tribune. "They're lending some credibility to the idea that you've cultivated and the business that we've built."
The company will be using the funding in part to boost its technology staff and hire additional auto repair estimators.
Snapsheet’s white-label app lets insurance providers give their customers the option to file automotive incident claims with their smartphones. It currently works with 35 insurance clients.
"Snapsheet is the preeminent claims technology company and its recent growth and technological developments are unmatched," said Ben Malka, partner at F-Prime Capital, in a statement. "We believe the company's vision for customer-centric innovation will help insurance carriers around the world process claims more efficiently."
Founded in 2011 and with 140 employees in Chicago, Snapsheet had its debut on our list of the city’s 100 biggest digital tech employers this year. The company originally started off as a solution for soliciting estimates from auto repair shops, but pivoted to the insurance space early on.
Image via Snapsheet.