![]() ![]() That means its risk profile is different, and its pricing less flexible there’s less loss ratio to wring out of title insurance underwriting, so cost and delivery of service are even more important than in other insurance varietals.Īccording to the CEO, the title insurance market in the United States today is made up of four companies with around 90% market share. Title insurance, Berneman said, has around a 1% to 4% claims rate, far lower than auto insurance, to pick an example. Insurtech is hot on both sides of the Atlantic That means that the company’s go-to-market activities are distinct from its mates in the consumer-focused cohort and that its loss profile is very different. ![]() That means its customer base is not made up of consumers hoping to cover their main residence, Blueprint CEO Steve Berneman told TechCrunch in an interview. Blueprint, in contrast, sells to professional groups looking for a better title insurance experience. The neoinsurance companies that went public in the last year and a half sell to consumers. Blueprint is different from the Roots and MetroMiles and Hippos that debuted via traditional IPOs or SPACs it largely sells to business customers and has a very different product on offer. While Blueprint is an insurtech startup and therefore fits into the neoinsurance cohort that we’ve tracked in recent quarters as a number of companies from the group have gone public, it’s somewhat distinct. The startup previously raised an $8.5 million Series A in the final weeks of 2019. “We’re excited to see our services take off quickly in these states, and hope to mimic that success as we continue to expand nationwide.Blueprint Title, an insurtech startup working in the title insurance space, announced this morning that it closed a $16 million Series B. Berneman says not only are these municipalities seeing overall population and job growth, but there’s also increased real estate activity, both from investors and builders. That means cities like Nashville, Atlanta, Charlotte, and Tampa are places of focus. As we thought about our go-to-market strategy and where it made sense to offer our services to this unique buyer category, we quickly zeroed in on the nation’s fastest growing housing markets, many of which are located in the Southeast.” “With volume home buying and selling on the rise in the U.S., Blueprint Title saw a niche opportunity to help repeat buyers and sellers of real estate find a better way to close on their investments. The Nashville-based maker of software tools for real estate transactions raised the $8.5 million Series A with Santander Innoventures, along with participation from Liberty Mutual Strategic Ventures, Mucker Capital, Tribeca Early Stage Partners, and Greycroft.ĬEO Steve Berneman says the future of Blueprint Title is as planned out as its namesake, and the possibilities to build on the successful funding round are huge. “As we look forward, we see a tremendous opportunity to innovate via applying maturing technologies in big data and machine learning to the title and closing process,” Anderson added. ![]() As a result, “Closing Day” is a lot happier for everyone involved. Users upload their documents directly, and e-signature capabilities are available at every step of the transaction, which is updated in real time as things are resolved, so that nothing is a surprise before the deals are signed. It does this with an enterprise-grade API that centralizes services for title insurance and points of the closing process that require multiple sign-offs, thereby creating a single “team” for every part of the transaction. That means Blueprint Title makes the closing stage of real estate purchasing more efficient by delivering meaningful time and cost savings to an expanding buyer category. “Blueprint’s technology platform empowers buyers, sellers, and lenders throughout the closing experience by streamlining complicated workflows, promoting transparency, and securely digitizing the process.” But what exactly does this proprietary digital closing solution do?ĬTO Michael Anderson, as you’d expect a CTO to do, simplifies the company’s aim. When a real estate transaction software tool raises $8.5 million dollars, as Nashville-based Blueprint Title did, more than just the buyers and sellers of property take notice. ![]()
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