We’ve raised $11M to change where businesses buy insurance

Authentic enables platforms to create their own insurance programs

Commercial insurance is a necessity for every business, whether they have one employee or ten thousand. Historically, the process for acquiring this insurance has largely benefitted one side, the insurers. 

We think it should be easy for businesses to buy their insurance through companies that they already know and trust – not through traditional insurance carriers. 

Authentic provides the infrastructure for franchisors, software companies or associations to roll out their own insurance offering – also known as a “captive” – to their existing customers. Like a “co-op” or “collective” model, these member-owned programs allow for hyper-customized coverage and potential dividends when there are fewer claims, which can lead to cost savings as well. 

It’s the first win-win insurance model for both small businesses, and the companies serving them today. Small businesses get better options at a better rate, while our partners can easily add new product lines and revenue streams with Authentic’s infrastructure. 

Authentic makes establishing a captive lightning fast (we’re talking a few hours), and customizable for small business customers’ needs. Plus, it creates a net new product that our partners can sell to their existing customers. For example, Authentic offers our captive insurance infrastructure to a technology company that provides software to 60,000 small businesses. The company can then sell commercial insurance to their customers and get dividends and cost savings. Some of our customers include Mindbody, Restaurant365, theCut, and PushPress, among others. 

We handle all the logistics of setting up a captive insurance offering: underwriting, filing rates with regulators, pricing, actuarial analysis, reinsuring, capitalizing captives, setting up a domicile, administration, claims management, and customer servicing. We’ve built our platform to adapt and tailor insurance coverage in real time to increase addressability and competitive pricing.

We’re already working with 10+ companies to roll out insurance to their customers. We’re proud to say our signed customers touch over a million small businesses today! 

To support this growth, Authentic has raised an $11M Series A round led by FirstMark Capital with participation from Slow Ventures, Altai Ventures, MGV, Upper90, and Commerce Ventures.

From Adam Nelson, Partner at Firstmark Capital: "The way commercial insurance is bought and sold has largely remained unchanged since it first came into existence over 50 years ago. Authentic is the first company to virtually eliminate the need for traditional carriers. With a platform approach that enables partners to roll out their own new insurance offerings, it's been incredible to watch as millions of businesses instantly gain access to a better insurance model on day one." 

With our funding, we’re growing our customer base and headcount in 2024 and beyond. We also plan to add new offerings to our product suite such as workers compensation, health insurance products, and benefits. 

We have a very big goal of changing how and where insurance is purchased, and more importantly, giving power and economics back to the people. To our partners and investors, thank you for the support you’ve given. This is a tremendous undertaking and it wouldn’t be possible without you!