Atlanta-based insurtech start-up Layr has raised $10 million in a Series A funding round led by HSCM Ventures, the venture capital arm of Hudson Structured Capital Management Ltd, doing its re/insurance business as HSCM Bermuda.

The new venture uses artificial intelligence and machine learning to help brokerages and agencies to efficiently manage their small commercial books.

There was also participation from MGV, Sandbox Industries, Flyover Capital and Hannover Digital Investments.

Also participating is an experienced group of insurance brokerages and professionals from The Plexus Groupe, IMA Corp, Holmes Murphy, The Partners Group, The Graham Agency, Broker Tech Ventures and other insurtechs, the company said.

Brandon Baron will join Layr's board of directors as a representative of HSCM Ventures.

Layr is an AI-powered cloud platform digitising the entire insurance process by enabling brokers to sell, service and renew traditionally time-consuming policies in a private-labelled service centre.

When a new client is shopping for policies, the company said, Layr's proprietary algorithms quote pricing while simultaneously shopping the pre-written package to underwriters — without any broker touch or use of APIs.

After carrier placement, the end-client can then service their own policies and access proof of insurance from the broker-branded portal.

By combining tools such as a digital storefront, customer service portals and licensed human agent support, Layr said, it offers a top-to-bottom solution that allows insurance brokers and agents to serve more clients while increasing the quality of their service.

Additionally, Layr works without an API, meaning agencies can immediately integrate its services with existing analogue workflows, the company said.

It added that the funding will double Layr's team and grow its footprint among insurance agents and brokers while adding new technology advancements that bring small businesses greater access to the insurance marketplace.

"Our mission is to empower insurance brokers and agents with a world-class digital experience. This serves their clients better and makes existing workflows more efficient," said Phillip Naples, Layr founder and CEO.

"This funding round will enable the amazing team at Layr to maximise brokerages’ profitability and deliver the optimal experience for their insureds, and I'm extremely proud of our work!"

Mr Baron, a vice-president at HSCM, said: "Layr helps weaponise its partner agents with immediate quotes and faster underwriting. We believe this will unlock an enormous amount of efficiency for the insurance market."

Layr said it currently supports leading P&C insurance agencies and brokerages across all 50 US states by providing technology to efficiently sell and service tens of millions of dollars worth of premium across their books.

Over 2022, Layr said, it will expand its technology to offer tailored solutions to agencies of all sizes, release new features to enhance the experience of brokers and clients alike, and partner with leading technology providers in support of independent brokers.

Using Layr, the company said, small business owners can assess and select the right coverage in 12 minutes.

Then, after selecting and paying for a policy, it is automatically sent to underwriting, allowing brokers and agents to efficiently grow their small business books.