AI powered Insurance platform Now Insurance secured $1.25 Million Seed funding

Now Insurance, a Texas-based AI-enabled insurance platform designed to match small business professionals and owners with coverage plans has now secured $1.25 million in a seed funding round.

Now Insurance is founded by Philip Cabaud in the year 2019. It offers small business owners and other professional classes with purchasing experience for professional liability, general liability, and cybersecurity insurance coverage with plans to expand into some other coverage areas.

The insurance platform uses AI and risk selection to customize a user’s coverage to their exact needs and coverage requirement.

Philip Cabaud, CEO of Now Insurance, said, "During a time when small businesses have been faced with extreme financial challenges, commercial insurance can be an undue burden. We’re not just creating a portal to connect users with brokers. NOW Insurance is an intelligent platform designed to simplify the application process through real-time quotes, and match SMBs and professionals with competitive, customized coverage plans that fit their exact needs."

Mark Prestipino, director of The MFO Group, said, "The commercial insurance industry is primed for the next wave of digital transformation. NOW Insurance’s innovative platform, combined with decades of first-hand experience in the commercial insurance space, is well-positioned to be among those solutions that are transforming this underserved industry. We look forward to working with the NOW Insurance leadership team."

The round was backed by The MFO Group with participation from the 8th Light.

The company as of now has secured $2.5 million to date. The firm has plans to use the new funds to invest in its machine learning algorithms, expand its software engineering team, and continue to develop its products and services offerings.