SnapRefund, established in 2019 and headquartered in Philadelphia, Pennsylvania, is a fintech and insurtech company dedicated to revolutionizing the insurance payment landscape. The company's mission is to provide accessible, efficient, and secure digital payment solutions for insurers and agents, thereby enhancing operational efficiency and policyholder satisfaction. By focusing on automating claim payments and agency billing processes, SnapRefund addresses critical inefficiencies in the insurance industry, positioning itself as a significant player in the fintech and insurtech sectors.
Key Strategic Focus
SnapRefund's strategic objectives center on automating and streamlining payment processes within the insurance industry. The company offers two primary products:
- ClaimSnap: This platform automates claim payments, enabling insurers to send payments instantly using only the insured's email address. It integrates seamlessly with existing management systems, reducing processing times and costs associated with traditional methods like paper checks.
- AgentSnap: Designed for insurance agents, this solution simplifies the selling and binding of agency-billed policies by allowing agents to send secure payment links directly to customers' phones. It automates invoicing, signatures, and premium remittance, thereby enhancing the efficiency of agency operations.
By leveraging these technologies, SnapRefund targets inefficiencies in claim payments and agency billing, aiming to improve customer satisfaction and operational effectiveness.
Financials and Funding
Since its inception, SnapRefund has secured approximately $900,000 in funding through various channels, including seed rounds, grants, and participation in accelerator programs. Notable investors include Black Founders, Meridian Ventures, Northwestern Mutual Future Ventures, and 101 Weston Labs. The capital raised is intended to support product development, enhance technological capabilities, and expand market reach.
Pipeline Development
SnapRefund's product development focuses on enhancing the functionalities of ClaimSnap and AgentSnap. Recent milestones include:
- SOC Compliance: In February 2025, SnapRefund achieved SOC 2 Type II and SOC 3 compliance, underscoring its commitment to high standards of information security.
- Partnerships: In November 2024, SnapRefund partnered with Rainwalk Pet Insurance to modernize pet insurance payments, demonstrating the adaptability of its platforms across various insurance sectors.
These developments reflect SnapRefund's dedication to continuous improvement and responsiveness to industry needs.
Technological Platform and Innovation
SnapRefund distinguishes itself through its proprietary technologies and innovative methodologies:
- DIP Technology (Debited Instant Payment): This technology enables instant payments to recipients via secure links, allowing for immediate fund access without traditional banking delays.
- No-Code Dashboard and API Integration: SnapRefund offers a user-friendly, no-code dashboard for claims adjusters and an API for seamless integration with existing systems, facilitating easy adoption and scalability.
These technological advancements position SnapRefund as a leader in digital payment solutions within the insurance industry.
Leadership Team
SnapRefund's leadership comprises experienced professionals with diverse backgrounds:
- Cody Eddings, Co-Founder & CEO: A lifelong entrepreneur and engineer, Cody holds a B.S. in Computer Engineering from Lehigh University. He has extensive experience in software development and a passion for empowering underbanked communities through fintech innovations.
- Anis Taylor, Co-Founder & COO: With over 20 years of experience in production and product development, Anis also serves as CEO of Higher Than 7 Productions. He holds a B.S. in Business Administration – Marketing from Bethune Cookman University.
Their combined expertise drives SnapRefund's mission and strategic initiatives.
Leadership Changes
As of April 2025, there have been no significant changes or appointments within SnapRefund's leadership team.
Competitor Profile
Market Insights and Dynamics
The insurtech market is experiencing rapid growth, driven by the demand for digital transformation in insurance processes. The global insurtech market size was valued at $5.48 billion in 2019 and is projected to reach $10.14 billion by 2025, growing at a CAGR of 10.8%. This growth is fueled by the increasing adoption of digital solutions to enhance customer experience and operational efficiency.
Competitor Analysis
Key competitors in the digital claims payment space include:
- One Inc: Founded in 2012, One Inc offers a digital payments platform for the insurance industry, focusing on premium collections and claim payments. The company has raised $21.7 million in funding and employs between 25 to 100 people.
- Wefox: Established in 2014, Wefox is a digital insurance company that leverages technology to streamline insurance processes. The company has secured significant funding and operates in multiple markets.
These competitors focus on enhancing digital payment solutions and customer engagement within the insurance sector.
Strategic Collaborations and Partnerships
SnapRefund has engaged in several strategic partnerships to bolster its market position:
- Benekiva Partnership: In April 2024, SnapRefund partnered with Benekiva to integrate digital payment solutions with claims management software, offering a comprehensive ecosystem for insurance carriers and claimants.
- 101 Weston Labs Accelerator Program: In 2024, SnapRefund joined the 101 Weston Labs InsurTech Accelerator Program, gaining access to resources and mentorship to further develop its solutions.
These collaborations enhance SnapRefund's capabilities and market reach.
Operational Insights
SnapRefund's strategic considerations include:
- Market Position: By focusing on automating claim payments and agency billing, SnapRefund addresses critical pain points in the insurance industry, differentiating itself from competitors.
- Competitive Advantages: The company's proprietary DIP technology, no-code dashboard, and API integration offer flexibility and ease of use, appealing to a broad range of clients.
- Customer-Centric Approach: By providing multiple payout options and instant payment capabilities, SnapRefund enhances the customer experience, leading to higher satisfaction and retention rates.
Strategic Opportunities and Future Directions
Looking ahead, SnapRefund aims to:
- Expand Product Offerings: Develop additional features and services to address emerging needs within the insurance and fintech sectors.
- Increase Market Penetration: Leverage existing partnerships and pursue new collaborations to reach a broader client base.
- Enhance Technological Capabilities: Invest in research and development to maintain a competitive edge through innovation.
By capitalizing on these opportunities, SnapRefund is well-positioned to achieve its future objectives and continue its growth trajectory.
Contact Information
- Website: snaprefund.io
- Social Media:
- LinkedIn: linkedin.com/company/snaprefund
- Twitter: twitter.com/snaprefund
- Facebook: facebook.com/snaprefund
For further inquiries, please visit the company's official website or social media profiles.
