Marble Pay Inc., a developer of a digital wallet platform that offers a loyalty program for insurance customers based in New York, recently raised US$2.5 million in seed funding from a number of investors.
Investors who participated in the first funding included IA Capital Group, MS&AD Ventures, Reciprocal Ventures, Fintech Ventures Fund, The Takoma Group, and HU Investments.
Unlike other digital wallets that mostly target retail store customers, Marble is designed to be a connector that allows users to buy, compare, explore, and pay for various insurance on one platform.
Not only health insurance, Marble platform also offers life, automotive, home, pet insurance products, and so on. More than that, Marble is the only platform that allows insurance customers to get 5% rewards from the premium paid.
“Marble is a truly transformative insurtech product. We provide a simple, personalized wallet for our members to control all of their insurance—and get rewarded for doing so,” said Stuart Winchester, founder and CEO at Marble.
The strategy is to cut the billions of dollars in advertising costs conventional insurance agencies have incurred and return those billions to customers. So, both Marble and customers benefit.
With the newly acquired funding Marble will expand its platform to a wider area by engaging insurance agents and brokers to engage, retain and acquire an existing market niche.
Because the prospect of developing is quite large, IA Capital Group and other venture capitalists are willing to invest in Marble. “As an experienced venture capital firm in insurtech, IA Capital is delighted to have incubated and invested in Marble,” said Andrew Lerner, Managing Partner of IA Capital Group.
Tiffine Wang, partner at MS&AD Ventures, also said she liked what the Marble team was developing. Marble, which will officially launch its platform in March, is judged to be able to provide transparency again to insurance policyholders.
Apart from the business concept that it carries and its large market potential, Marble is here at the right time. The world is in the midst of the COVID-19 pandemic and most people want to protect themselves with insurance.
Therefore, just as video teleconferencing platforms support remote work, the demand for insurance is rapidly increasing. “COVID-19 has driven the need for technology-based insurance,” said Mark McElroy, Senior Vice President and Head of Business Assurance at TransUnion, in a company statement.
Based on data from research firm Grand View Research based in San Francisco, California, the global insurtech market value in 2020 was recorded at US$2.72 billion. This year, the market value is estimated to increase to US$3.78 billion. North America is the biggest insurtech market at the moment and that’s an opportunity for Marble.