GloveBox (Denver), a single sign-on mobile platform designed to bring together insurance agencies, policyholders, and carriers onto one platform, has announced a $3 million early-stage investment. The round was led by Mercato Partners’ (Salt Lake City) Prelude Fund, with participation from Heffernan Insurance Brokers, a top 20 agency out of California, as well as other industry veterans. The company says the investment will be used to expand features and enhance the functionality of GloveBox’s product, benefiting both agencies and policyholders.

Co-founders Ryan and Andy Mathisen, Sean Mulhern, and Alex Rolex report that they created GloveBox based on their experiences at Colorado Insurance (Colorado Springs). They say they set out to provide a completely tech-forward mobile marketplace that enables independent agencies to win against larger, incumbent carriers.

“As former insurance executives, we know the issues facing smaller, independent carriers, including the lack of technology at their disposal,” comments Ryan Mathisen, CEO, GloveBox. “With this funding, we will dramatically expand and accelerate our platform development reaching more agency partners faster and more efficiently. GloveBox is changing the way that policyholders interface with the independent channel and this is only the beginning for us.”

Increased Customer Satisfaction, Decreased Service Costs

GloveBox’s technology aims to increase customer satisfaction, reduce service inquiries, and decrease service costs. As a result, agencies run more efficiently and profitably while consumers enjoy better service and lower prices, the company asserts. Since its launch in March 2020, GloveBox reports that it has signed up over 100 agencies and is averaging five new entities a week.

“GloveBox has unique technology that is disrupting the insurance industry,” comments Zach Sivertson, managing director, Prelude. “The GloveBox team understood the challenges facing this market and from their experience, built a platform that elegantly solves the problems facing the 36,000 independent agencies and their clients.”

Source: Insurance Innovation Reporter