Today, we are excited to announce our Series B investment in ThreeFlow.
While the broader insurance market has been notoriously slow to modernize, the employee benefits market in particular is ripe for a new technology backbone: arranging employee benefits requires employers, benefits brokers, and multiple insurance carriers to exchange information & iterate. But, historically, there has been no shared system to bring these groups together. Hundreds of billions of dollars in annual benefits spend is arranged via email and spreadsheets.
ThreeFlow has reimagined collaboration between brokers, carriers, and employers in the employee benefits space, building a system that streamlines how insurance is bought, sold, and managed. ThreeFlow automates manual processes involved in placing benefits: sending attachments back and forth, compiling & standardizing lengthy RFP’s, performing policy comparison calculations offline, and iterating negotiations between carriers, brokers, and employers. ThreeFlow’s software is free to brokers and ultimately acts as an embedded B2B marketplace that removes cost from the system in addition to reducing headache.
When our team first met co-founders Ryan, Rich, and Shaheeb, we were struck not only by their sheer horsepower but also by their unshakable commitment to simplifying this antiquated and complex industry. ThreeFlow is already a household name across the industry as many of the largest brokerage firms and insurance carriers have standardized on ThreeFlow’s platform. This year, thousands of employers and hundreds of brokerages will leverage ThreeFlow for employee benefits, representing nearly $1B of premium in aggregate.
As we continue our work to invest behind the teams who are modernizing the insurance market – like Ethos in life insurance, TheZebra in auto, and Shift in claims automation – we are proud to support the ThreeFlow team on their journey to transform employee benefits.