Broker Buddha, a technology company that simplifies the commercial insurance application and renewal process, today announced a $4.5 million funding round led by Vertex Ventures. Broker Buddha’s platform automates agency operations, turning tedious paperwork into an efficient digital process, benefitting both insurance agents and their clients. Through user-friendly interactive smart forms, a modern familiar web interface and an integrated eSignature capability, the platform create a powerful, agency-branded, online experience for insurance clients.
“The product transforms an outdated way of doing business that has long been frustrating and slow-moving for brokers and their clients,” said Broker Buddha CEO, Jason Keck. “It frees up valuable time so agents can focus on what they love doing — taking care of their clients.”
Broker Buddha’s online submission platform converts static PDF insurance applications into user-friendly, interactive online smart forms. New prospects can quickly complete applications online through the agency website while returning clients can update forms pre-filled with the prior year’s info, and sign electronically online. The platform then highlights year-over-year changes for brokers, further saving them time. The expedited application and renewal process improves the customer experience and operational efficiency for brokers while also providing insurance carriers with a solution that eliminates partially completed, handwritten applications from brokers.
“Broker Buddha’s product provides a crisp, modern interface driving massive efficiency gains for the client, broker, and underwriter,” remarked Vertex Ventures Partner Sandeep Bhadra. “By relieving some of the tedium, they enable more of the white-glove, customized service business owners need and love. We’re excited to partner with a company driving such significant industry change.”
The company has gained significant traction among top-tier commercial insurance agencies like Brown & Brown and AssuredPartners. The new capital will help the company expand its offering, grow the team and increase marketing efforts so they can continue to relieve brokers from the mundane aspects of their job and propel the insurance industry forward.