Sure finds a way to insure used smartphones

Insurtech startup Sure is launching a smartphone-insurance product that owners of new or used phones can purchase to protect their technology.

In order to test the condition of a phone before approving a policy, Sure designed technology that uses the company's mobile app to run diagnostics virtually. As long as the phone is in good condition, a customer is eligible for the coverage. The test takes less than a minute to complete.

“Sure is fundamentally improving the insurance industry and making it digital through mobile tech, AI, and advanced data analytics, via our complete carrier platform in partnership with insurance companies,” said Wayne Slavin, founder and CEO of Sure. “The existing insurance industry is strong, and Sure is making it stronger with enhancements to the distribution, administration, and claims process using technology.”

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Attendees use Samsung Electronics Co. smartphones at the company's extraordinary general meeting at the company's Seocho office building in Seoul, South Korea, on Thursday, Oct. 27, 2016. Lee Jae-yong, the crown prince of the founding family that controls the Samsung Group, officially joined a nine-person board at Samsung, whose botched roll out of the Galaxy Note 7 smartphone has delivered a blow to a premier tech brand and cost the company billions of dollars in profit. Photographer: SeongJoon Cho/Bloomberg

The smartphone product is being underwritten by Warrantech, a subsidiary of AmTrust. This is the sixth business line for which Sure has created technology, with the others being flight, baggage, renters, pet, and wedding insurance.

Sure also announced it has closed an $8 million series A funding round led by IA Capital. Other participants in the round include Menlo Ventures, FF Venture Capital, Nationwide Ventures, Assurant, and AmTrust. The funding will allow the company to further product development, drive user acquisition, boost marketing initiatives, and hire new talent. Also, Snapsheet, a claims-focused insurtech, closed a series D funding round led by Tola Capital that netted them $12 million. The Chicago-based startup will use the money to build their virtual claims platform, which will primarily use machine-learning and AI.

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