Wunderite raises $3M to build software for indie insurance agencies

This morning Wunderite, a Boston-based software startup, announced that it has raised $3 million in an early-stage round led by Spark Capital.

Wunderite builds and sells software designed to help insurance agencies more rapidly process insurance applications, and automate some of their processes. With an industry-focus on insurance agencies while providing some API hooks, the startup fits into a number of startup trends, including vertical SaaS, developer-friendly tooling, and insurtech.

TechCrunch caught up with co-founders Peter MacDonald (CEO) and Joe Schnare (COO) about their company and its new investment. MacDonald previously worked for his family’s insurance business, while Schnare earned insurance experience by working for a large player in the market. The two met while at business school.

The pair told TechCrunch that most property and casualty insurance (car, pet, home, and other forms of popular coverage) is still sold by small and mid-sized agencies. That may surprise, but most of the United States is not the Bay Area, Austin, Boston, Chicago, Denver, or Seattle it turns out.

But while that market share point is good news for smaller insurance groups out there, it’s not great news for the staff of those firms as MacDonald and Schnare detailed that many are forced to work with archaic tooling. Like writing with their hands. Or email. A huge market — insurance is a monster industry — with a piecemeal competitive market and antiquated tooling could prove ripe for Wunderite, provided that it can reach a sufficient number of the companies (Read more...)