Branch Financial, Inc.
| Branch's logo. Circle with stylized branch in center, text "Branch" beneath. | |
| ISIN | 🆔 |
|---|---|
| Industry | Property & Casualty Insurance |
| Predecessor | Branch Insurance LLC |
| Founded 📆 | December 28, 2017 |
| Founder 👔 | Joe Emison & Steve Lekas |
| Headquarters 🏙️ | , Columbus, Ohio |
Area served 🗺️ | Arizona, Illinois, Missouri, Ohio, Texas |
| Services | Car Insurance, Homeowners Insurance, Renters Insurance, Umbrella Insurance |
| Members | |
Number of employees | |
| 🌐 Website | https://ourbranch.com |
| 📇 Address | |
| 📞 telephone | |
Branch is an American property & casualty insurance company headquartered in Columbus, Ohio. Branch offers homeowner's insurance, auto insurance, renter's insurance and umbrella insurance.[1] Branch sells its policies direct to consumer.[2] It created SafetyNest, a 501(c)(3) nonprofit organization with the goal of helping uninsured get insurance.[3][4]
Branch offers insurance in Arizona, Ohio, Illinois, Indiana, Missouri and Texas.[5] In Ohio and Indiana, Branch operates the Branch Insurance Exchange, a Reciprocal inter-insurance exchange that is owned entirely by its members.[6] In Arizona, Missouri and Texas, it operates as a managing general agent of insurance policies underwritten by General Security National Insurance Company. Branch policies are reinsured by SCOR.[7]
History[edit]
Branch was founded in 2018 by Steve Lekas (CEO) and Joe Emison (CTO), a tech entrepreneur.[8]
In May 2018, Branch raised $8.5 million in its Seed round.[9]
In July 2020, Branch raised $24 million in Series A funding in a round led by Greycroft and HSCM Bermuda, with investments from American Family Ventures, Revolution's Rise of the Rest Seed Fund, SignalFire, SCOR Global P&C, Elefund, Foundation Capital, and individuals from Stone Point Capital.[10]
In December 2020, Branch made an agreement with the city of Columbus, Ohio to add 150 jobs in the city.[11] The Ohio Tax Credit Authority approved a nine-year, 2.2% tax credit as part of the agreement.
Technology[edit]
Branch uses a serverless computing infrastructure.[12][13]
Through a partnership with Cambridge Mobile Telematics, Branch allows its Auto Insurance[14] customers to use a smartphone app to measure and score their driving.[15][16]
References[edit]
- ↑ "Electronic Chat with Steve Lekas, Branch Insurance". www.emagazine.itapro.org. Retrieved 2020-12-28.
- ↑ "Branch Uses ClarionDoor Technology to Launch Bundled Personal Insurance | Insurance Innovation Reporter". iireporter.com. Retrieved 2020-12-28.
- ↑ TechOhio (2020-10-21). "Rapidly Growing Branch Insurance is on a Mission to Lower Insurance Costs". TechOhio. Retrieved 2020-12-28.
- ↑ Metz, Jason (2020-10-05). "Unemployment Will Likely Ripple To Auto Insurance Rates". Forbes Advisor. Retrieved 2020-12-30.
- ↑ CEO, Katy Smith Columbus. "With new funding, Branch Insurance has sights set on nationwide expansion". The Columbus Dispatch. Retrieved 2020-12-28.
- ↑ "Startup Branch Insurance Launches Reciprocal Exchange in Ohio | Insurance Innovation Reporter". iireporter.com. Retrieved 2020-12-29.
- ↑ "Branch launches in Ohio". Coverager - Insurance news and insights. 2019-09-20. Retrieved 2020-12-28.
- ↑ "Branch founders: Insurance should be 'communal force for good'". www.bizjournals.com. Retrieved 2020-12-28. Unknown parameter
|url-status=ignored (help) - ↑ Smith, Katy. "Branch insurance startup launches in Columbus". Columbus CEO. Retrieved 2020-12-25.
- ↑ "Insurance Startup Branch Secures $24 Million Series A Funding | Insurance Innovation Reporter". iireporter.com. Retrieved 2020-12-28.
- ↑ "Digital Insurer Branch Adding Jobs in Columbus". www.bizjournals.com. Retrieved 2020-12-25. Unknown parameter
|url-status=ignored (help) - ↑ "Branch's Serverless First Architecture Approach Makes it Easy to Bundle Home and Auto Coverage". Amazon Web Services. 2020-04-14. Retrieved 2020-12-25.
- ↑ "Increasing serverless capabilities are pushing architecture to market maturity". SD Times. 2020-05-05. Retrieved 2020-12-30.
- ↑ "what-is-auto-insurance". retargetingnews.com. Retrieved 9 June 2023.
- ↑ November 23, PC360 Staff Writer |; AM, 2020 at 05:00. "Who's using what in P&C insurance: November 23, 2020". PropertyCasualty360. Retrieved 2020-12-28.
- ↑ "Branch partners with Cambridge Mobile Telematics to 'gamify' good driving". insuranceinsider.com. Retrieved 2020-12-29.
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