Authentic: Authentic Insurance Raises $16.5M to Pioneer the Captive Insurance Model, Empowering Businesses to Launch Personalized Insurance Programs

The embedded insurance industry is revolutionizing the way consumers access insurance products by integrating them directly into the purchase process of other services or products. This seamless approach not only enhances customer experience by offering relevant protection in context but also opens up new revenue channels for businesses across various sectors. While most embedded insurance arrangements are focused on either lead generation for carriers or as an embedded agency where the distribution partner shares a commission with the carrier, a novel area has emerged known as captive insurance, which is very much like creating your own insurance company. Authentic Insurance is an infrastructure provider that allows franchisors, associations, and software businesses to build their own insurance offerings for their existing user bases, capturing both the commissions and profits of an insurance program. Building an insurance company is not an easy undertaking but Authentic handles the actuarial work, domiciling, reinsurance, and licensing necessary. The company currently works with partners that serve businesses in several verticals including salon and spa, food and beverage, retail, fitness, and professional services. AlleyWatch caught up with Authentic Insurance CEO and Cofounder Cole Riccardi to learn more about the business, the company's strategic plans, latest round of funding, which brings the company's total funding raised to $16.5M, and much, much more...