Semsee Company Profile

Background

Founded in 2017, Semsee is an insurtech company dedicated to transforming the small commercial insurance sector by streamlining the quoting and underwriting processes for independent agents. The company's mission is to simplify and accelerate the small commercial quoting experience, enabling agents to focus more on client service and business growth. Semsee's platform integrates advanced technology to provide fast, accurate quotes from multiple carriers through a single-form submission, thereby enhancing efficiency and profitability in the insurance industry.

Key Strategic Focus

Semsee's strategic focus centers on enhancing the efficiency of small commercial insurance transactions. The company specializes in providing a full-service platform that offers faster quoting, access to diverse markets, and digital distribution capabilities. By leveraging artificial intelligence and cloud-based technologies, Semsee aims to empower independent agents, carriers, and managing general agents (MGAs) to transact small commercial business more effectively. The primary markets targeted include small to medium-sized businesses across various industries, with a particular emphasis on simplifying the insurance experience for both agents and business owners.

Financials and Funding

In February 2022, Semsee announced a Series B funding round led by 01 Advisors, with participation from existing investor the D. E. Shaw group through its venture studio DESCOvery. This funding is intended to accelerate Semsee's expansion into new markets and fuel the addition of new technology features that assist insurance agents and carriers in delivering more insurance policies to business owners.

Technological Platform and Innovation

Semsee's platform is distinguished by its deployment of artificial intelligence to enhance agents' ability to classify and match risks with carriers. The cloud-based system is built with Elixir, a programming language optimized for real-time updates, ensuring seamless and efficient operations. Security is a paramount concern, with the platform employing memory-hard hashing, two-factor authentication (2FA), and industry-proven authenticated encryption with associated data (AEAD) encryption to protect user data. Notable proprietary technologies and features include:

Appetite Checker: A real-time resource that enables agents and small business owners to obtain market appetite information from insurance carriers, MGAs, and MGUs.

NAICS Assistant: An AI-driven search tool that helps agents accurately classify businesses by providing recommendations based on the North American Industry Classification System (NAICS) codes.

Duplicate Application Feature: Allows agents to make changes on the fly, such as tweaking limits or queuing up new renewals, thereby enhancing flexibility and efficiency.

Leadership Team

Semsee's leadership team brings over 40 years of collective experience in building B2B2C businesses that enhance the agent experience across various industries, including travel, real estate, and insurance. Key executives include:

Philip Charles-Pierre: CEO & Founder. Philip has a background in launching successful companies and focuses on leveraging technology to create more efficient operations in the insurance sector.

James Van Lommel: Head of Engineering. James leads the development of Semsee's technological infrastructure, ensuring the platform's scalability and reliability.

Ed Bendy: Head of Product. Ed oversees product development, focusing on creating user-centric solutions that meet the evolving needs of insurance agents.

Danielle Lefland: Chief of Staff. Danielle coordinates cross-functional initiatives and supports strategic planning efforts within the company.

Nash Machaka: Head of Carrier Products & Data. Nash manages relationships with carriers and oversees data integration to enhance the platform's offerings.

Competitor Profile

Market Insights and Dynamics

The insurtech industry is experiencing significant growth, driven by the increasing demand for digital solutions that enhance efficiency and customer experience in the insurance sector. The small commercial insurance market, in particular, presents substantial opportunities for innovation, as businesses seek more streamlined and accessible insurance solutions.

Competitor Analysis

Semsee operates in a competitive landscape with several notable companies offering similar services:

Bold Penguin: Provides a digital exchange that connects businesses, agents, and carriers to facilitate the quoting and binding of commercial insurance policies.

Fenris Digital: Offers data and analytics solutions to streamline the insurance application process, focusing on improving customer acquisition and underwriting efficiency.

Broker Buddha: Delivers a platform that automates the insurance application and renewal process, enhancing the client experience and operational efficiency for brokers.

Zywave: Provides a suite of software solutions for insurance brokers, including client management, content delivery, and data analytics tools.

Insurify: An online insurance comparison platform that uses AI to help consumers compare and purchase insurance policies.

These competitors focus on various aspects of the insurance process, from data analytics and customer acquisition to application automation and policy comparison, contributing to a dynamic and rapidly evolving market.

Strategic Collaborations and Partnerships

Semsee has established several strategic partnerships to enhance its platform and expand its market reach:

Ask Kodiak: Integrated Ask Kodiak's appetite and eligibility checking capabilities into Semsee's platform, providing agents with real-time visibility into carrier appetites at the class level.