NFX, Tectonic Capital, Treasury Invest In Tech-Driven Insurance Brokerage, Sage

Sage, a brokerage lowering the burdens associated with building and maintaining an insurance book of business, formally announced the closure of a $6 million funding round, led by NFX, Tectonic Capital, and Treasury, the fintech launched by the co-founders of Acorns and Betterment.

In a statement on the development, Rashik Adhikari, founder, and CEO of Covered by SAGE said “Insurance agents play a vital role in risk management in our communities. However, traditional brokerages, underpenetrated by technology, are falling behind in empowering retail agents to navigate the fast-evolving insurance distribution landscape. A retail agent today needs to have the flexibility to write insurance policies from anywhere and the economics that support them. We are excited about being able to challenge the status quo for better outcomes for both insurance agents and their customers.”

The development comes as traditional brokerages prove inefficient in their technology capabilities and take a disproportionate share from individual agents.

“Insurance as an industry has been slow to adapt with advances in technology and software,” said Josef Feldman, Founding Partner of Tectonic Capital. “As a founding investor in Covered by SAGE, we believe that Rashik and his team will empower agents in the digital age with cutting-edge technology to streamline success. This, in turn, will benefit customers who will now have access to their risk advisor instantly.”

To learn more SAGE, visit coveredbysage.com.

Photo by fauxels from Pexels.