Verifly Insurance Services, Inc.

Verifly Insurance Services, Inc. provides innovative insurance solutions for small businesses focusing on flexible and tailored liability coverage options, enabling customers to manage their policies through a convenient digital platform. Founded in 2015, Verifly Insurance Services, Inc. is based in New York, US.

The company specializes in offering insurance solutions for small businesses. In April 2023, Verifly was acquired by Arch Insurance Group, which enhances their portfolio of digital solutions for small business customers. The founders of Verifly include Carina Schmidt, Eugene Hertz, Jay Bregman, Luis Rojas, and Manju Dawkins, with Jay Bregman serving as CEO. Verifly has raised a total of USD 22.

00 mn through 5 funding rounds, with the most recent funding round being a Series A led by IAC Inc. on April 11, 2023. Verifly Insurance Services, Inc. specializes in providing flexible insurance solutions tailored for small businesses.

The company offers various insurance products such as General Liability Insurance, Professional Liability Insurance, Errors and Omissions Insurance, and Workers’ Compensation Insurance. These products cater to diverse client segments including contractors, freelancers, event organizers, and retail businesses. Clients can manage their insurance policies via an easy-to-use app, accessing coverage information at any time. Verifly’s services are available across multiple U.

S. states, accommodating various regulatory requirements. Verifly operates on a direct-to-consumer revenue model where customers purchase insurance policies that fit their specific needs. The firm utilizes a subscription approach allowing clients to secure coverage for short-term needs and ongoing projects.

Pricing plans are structured according to the nature of the insurance products, enabling customers to select tailored coverage based on their business requirements. Transparent pricing and clear cost definitions during the transaction process enhance customer experience and engagement, supporting sustained revenue growth in the target market. Following its acquisition by Arch Insurance Group in April 2023, Verifly plans to leverage its enhanced resources to expand its product offerings and geographic reach. The company is currently designing new insurance products, with plans to launch these offerings in the upcoming quarters.

Verifly aims to extend its market presence into additional states where demand for small business insurance is growing. The recent funding will be utilized to support product development and market expansion initiatives, ensuring that the company can meet evolving customer needs in the insurance landscape.