Sayata News
12 articles
growth-positive
The deal, estimated at tens of millions of dollars, brings the Israeli startup’s AI-powered insurance marketplace under Global Indemnity’s umbrella.
Global Indemnity Group has acquired Sayata, an Israeli AI-enabled marketplace for commercial insurance distribution, through its subsidiary Penn-America Underwriters. The acquisition, estimated to be worth tens of millions of dollars, aims to modernize Global Indemnitys agency operations and expand into technology-driven channels. Sayata, founded in 2017, uses AI-driven analytics to streamline the distribution of commercial property and casualty products. The acquisition will allow Sayata to scale and broaden its reach through Global Indemnitys network. Sayata has partnerships with top-tier carriers nationwide and has received investment from several venture capital firms.
Acquired-byPartnersManagement Changes
growth-positive
Sayata has developed an AI-enabled digital distribution marketplace for commercial insurance.
Sayata, an AI-enabled digital distribution marketplace for commercial insurance, has been acquired by US insurance giant Penn-America Group. The acquisition, estimated to be worth tens of millions of dollars, marks a significant growth-positive event for Sayata. The company, founded in 2017, initially focused on data analytics for cybersecurity insurance but later pivoted to become an independent insurance agency. Sayatas platform supports various insurance types, including professional liability and third-party protection. The acquisition by Penn-America, part of Global Indemnity Group, will integrate Sayatas operations, with all 10 employees joining the buyer. Sayata has raised $60 million since its inception, with its most recent financing round in 2022 raising $35 million.
Acquired-byInvestment
growth-positive
Sayata Unveils AI-Powered Risk Engine, Revolutionizing Small Commercial Insurance Underwriting
Sayata, a leader in insurance solutions for SMB risk, has launched the Sayata Risk Engine, an AI-powered platform that transforms how insurance carriers and MGAs assess and underwrite risk. The platform uses AI to flag high-risk accounts that are expected to drive up loss ratios, allowing insurers to broaden their risk appetite while weeding out riskier accounts. The Sayata Risk Engine can help carriers realize a 10-point reduction in loss ratios. The companys CEO, Asaf Lifshitz, stated that the platform provides insurers with a strategic advantage by enabling them to broaden their risk appetite while enhancing profitability.
CustomersPartners
growth-positive
Sayata Unveils The First-Ever Online Platform To Offer Multiple Miscellaneous Professional Liability Quotes In One Place.
Sayata has added Miscellaneous Professional Liability (MPL) coverage to its platform, partnering with several insurance providers to offer wholesale brokers direct access to multiple MPL quotes. The platform streamlines the process of discovering and buying insurance for small and medium businesses, saving brokers time and effort. At-Bay, CFC, Arch Insurance, Counterpart, Lloyd’s of London, and Vela Insurance Services are among the initial core group of providers offering MPL on Sayata. The partners have expressed their excitement about the collaboration and the benefits it brings to brokers and policyholders. Sayata aims to expand the capabilities of its MPL offering and enhance the quote and bind process.
Partners
growth-positive
Sayata appoints Shachar Gidron as new Vice President of R&D | CTech
Sayata, a marketplace for insurance brokers and carriers, has appointed Shachar Gidron as VP R&D. Gidron will oversee the technological vision and development at Sayata, guiding the technology team in further innovating the platform. Sayata has previously raised $52 million in Series A funding.
Management Changes
growth-positive
Sayata adds the first-of-its-kind cyber business insurance - ACTM
Sayata, the leading marketplace for insurance brokers and carriers, announced a new cyber coverage for businesses called ACTM from AXIS. This dynamic insurance offering adapts to the needs of small and medium businesses (SMBs) and provides coverages related to cyber and data risks. Sayatas CEO expressed excitement about the partnership with AXIS and highlighted the flexibility and real-time solutions offered by ACTM. Sayata aims to deliver rapid growth to insurance brokers and carriers focused on SMBs. AXIS Capital, a global provider of specialty lines insurance and treaty reinsurance, is the partner mentioned in the article. The event described in the article does not have a specific date mentioned.
Partners
growth-positive
Sayata Expands Executive Team With Chief Distribution Officer
Sayata, the insurtech marketplace, has appointed Brian Quinn as Chief Distribution Officer. Quinn will lead the business development and customer operations teams to maximize the effectiveness of the Sayata platform for broker partners. He joins from McKinsey & Company, where he focused on business-building and innovation in the insurance industry. Sayata aims to innovate distribution methods in the SMB insurance market while providing efficient and effective service to brokers and carriers. The company delivers rapid growth to insurance professionals by streamlining the quote-bind-issue process and offering educational tools.
Partners
Growth-Positive
Sayata adds $35M to Series A for business insurance
Insurance broker and carrier marketplace Sayata has raised $35 million in an extension of its Series A funding round, taking its total raised to $60 million. The round was co-led by Pitango Growth and Hanaco Ventures, with participation from Team8 Capital, Vertex Ventures, Elron Ventures and OurCrowd. The Boston-based company, which reported a tenfold increase in revenue in 2021, offers a platform for small and medium-sized businesses to secure insurance. The funds will be used to increase its headcount and expand into new lines of coverage.
InvestmentExpand
growth-positive
Cowbell Cyber Partners with Sayata to Further Advance Cyber Insurance Digitization
Cowbell Cyber has announced a partnership with Sayata to provide precise, instant quoting for cyber coverage through a digital process. The partnership aims to streamline the distribution channel and offer more effective risk placement for insurance brokers and commercial insureds. Cowbell Cybers AI-powered platform enables a streamlined flow of information, allowing for instant quoting, automated underwriting, and policy issuance. Sayatas broker platform will integrate directly with Cowbells platform, providing a seamless experience for insurance professionals. The partnership will help brokers and commercial insureds navigate the challenging cyber insurance market.
Partners
growth-positive
Sayata raises $17 million for a marketplace for the insurance industry
Israeli insurtech company Sayata plans to double its workforce in the next year. The company has raised $17 million in its Series A round led by Team8 Capital and Vertex Ventures. Sayata has created a marketplace for insurance purchases and is currently focusing on the cyber insurance market. With the new funds, the company aims to expand its product to additional insurance lines. Sayata works with over 1,000 agents and the top ten insurance companies in the U.S. The CEO, Asaf Lifshitz, stated that the market has responded excellently to their solution and there is demand for more business insurance lines on their platform.
ExpandInvestment
growth-negative
Sayata Labs CEO: Cybersecurity guards are down
The World Health Organization (WHO) has experienced a surge in attempted cyberattacks as hackers target the organization during the COVID-19 pandemic. Cyberattacks against the WHO include phishing emails and malicious sites mimicking the WHOs internal email system. The increase in remote working due to the pandemic has lowered cybersecurity measures, making employees more vulnerable to cyber threats. Companies can purchase cyber insurance to mitigate risks, but many businesses are currently focused on managing reduced operations and cash positions. The impact on the WHO is growth-negative, as the organization faces challenges in containing the virus while dealing with cyberattacks.
Customers
growth-positive
Sayata Labs raises $6.5 million for AI that assesses cyber risk
Tel Aviv startup Sayata Labs has emerged from stealth with $6.5 million in seed funding led by Elron. The company develops an AI software-as-a-service solution that empowers insurance brokers to assess businesses cyber risk. The funding will be used to accelerate global operations. Sayatas platform scans sources linked to historical cyber breaches and uses machine learning algorithms to generate insights and recommendations for insurers. The company aims to disrupt the cyber insurance industry, which is set to grow to over $300 billion by 2024. Insurance provider Axa has already signed on as an early customer.
Investment
