About Embroker
Embroker was founded in 2015 by Matt Miller, based on the observation that purchasing commercial business insurance often involves manual documentation and interaction with brokers and carriers requiring extensive back-and-forth with a traditional insurance broker, poorly suited to the faster pace and digital expectations of many modern startups and small businesses, which often need to quickly obtain specific insurance coverage, such as technology errors and omissions insurance, cyber liability coverage, or directors and officers insurance, as a condition of closing a venture funding round, signing a major customer contract, or meeting other business milestones.
Embroker's platform provides an online experience for businesses to get quotes, compare coverage options, and bind commercial insurance policies more quickly than traditional broker-mediated processes typically allow, while still providing access to licensed insurance professionals for more complex questions or larger, more customized coverage needs, a hybrid digital-and-human-advisor model common among modern insurance brokerages seeking to combine the speed of self-service digital tools with the expertise traditional insurance buyers, particularly for complex commercial coverage, often still want available. The company has particularly focused on serving venture-backed startups and technology companies, a customer segment with distinctive insurance needs given their often-rapid growth, use of complex technology, and frequent need to demonstrate adequate insurance coverage, such as technology errors and omissions and cyber liability policies, to venture investors, enterprise customers, and other counterparties as part of standard business diligence processes. Embroker operates as a licensed insurance brokerage, meaning it earns commissions from insurance carriers for policies placed through its platform, rather than itself bearing underwriting risk as a licensed insurance carrier would. The company has raised substantial venture funding from investors including Battery Ventures, ManchesterStory, and Anthemis Group, competing with other digitally focused commercial insurance brokerages and managing general agents serving the startup and small business insurance market.
