Thanks to Sure, an on-demand personal insurance app, consumers can buy insurance for their smartphones … on their smartphones.
The insurtech startup based in New York and Los Angeles has raised $8 million and introduced its latest product: Smartphone Protection.
Through Sure, users can buy insurance for a mobile phone at any point during the device’s lifetime — as long as it’s in good condition. Rates start at $4.99 per month.
The company has developed a patent-pending technology to enable it to check the condition of a mobile phone by running diagnostics on devices remotely. The test takes less than a minute.
Sure offers an alternative to AppleCare and mobile network operators including Verizon, AT&T and T-Mobile. The company partnered with Warrantech, a subsidiary of AmTrust Financial Services, on its Smartphone Protection plan.
The startup also offers insurance for flights, baggage, renters, pets and weddings.
“Sure is fundamentally improving the insurance industry and making it digital through mobile tech, AI and advanced data analytics, via our complete carrier platform in partnership with insurance companies,” said founder and CEO Wayne Slavin in a statement. “Unlike any ‘disruptors’ in this industry, we take a contrarian approach. The existing insurance industry is strong, and Sure is making it stronger with enhancements to the distribution, administration and claims process using technology.”
Since its launch in January 2016, Sure has sold more than 20,000 policies. The company partners with major insurance companies such as Nationwide, CHUBB, Marsh and Guy Carpenter and is available in all 50 states on iPhones and Android devices and on the web.
The company previously raised a $2.6 million seed round, bringing its total funding to more than $10 million. This week’s Series A was led by IA Capital with participation from Menlo Ventures, FF Venture Capital, Nationwide Ventures, Assurant and AmTrust.
Sure will use the money to continue product development, driver user acquisition, boost marketing and hire new team members.