Getting into a car accident is frightening. Having to explain what happened to your auto insurance company can be even more stressful. Claim specialists spend exorbitant amounts of time and effort to get all the necessary information from the claimant. The more time spent recording key information needed to process a claim, the longer it takes for the claimant to get reimbursed. Justin Lewis-Weber and Theo Patt saw the locked value behind this archaic process, creating Assured to fix it. Assured is an insurtech startup creating claims automation technology to streamline processing insurance claims. The San Francisco-based company has raised money from Global Founders Capital, Neo, and Henry Kravis.
Neo CEO Ali Partovi says, “I love betting on founders like Justin and Theo who dare to reimagine the status quo. Assured is on track to enable a breakthrough that has eluded the insurance world for years, and the team’s industry veterans validate its viability. Assured’s digital claims processing promises a better experience for consumers and a paradigm shift for the industry.”
Frederick Daso: What led you to discover the $70B problem of processing insurance claims in the U.S.?
Justin Lewis-Weber: As an entrepreneur, I’ve always sought to disrupt industries that I see as core to how society functions, but have been traditionally overlooked. Insurance is an excellent example of this—car insurance is one of the few private products legally required in the U.S., yet Silicon Valley has paid it relatively little attention.
Before I started Assured, I discussed with a friend in the insurance space who mentioned—too casually—that a full 10% of Property and Casualty premium goes to claims processing, excluding the actual claim payout. Across the U.S., with $680 billion of premium written annually,