NOW Insurance Receives Funding from Arch Capital Group Ltd. to Accelerate Growth
August 22, 2023by
NOW Insurance, a full-stack, AI-enabled commercial insurance platform specializing in medical professional liability coverage, announced today an investment from a subsidiary of Arch Capital Group Ltd. and a managing general agent partnership with Arch Insurance North America.
Proceeds from the latest capital raise will be used for launching its new suite of medical malpractice products, scaling their platform, and expanding distribution networks. Chief among these is the introduction of a new portal for brokers. Brokers will soon be able to submit and bind medical malpractice coverage online for physicians.
“I am very excited to further strengthen our partnership with Arch. As an innovative company and leader in the Insurtech space, they understand the potential of our platform and have shown their commitment in helping it succeed,” said Philip Cabaud, CEO of NOW Insurance.
“NOW Insurance’s innovative approach to the medical malpractice market aligns with Arch’s commitment to using analytics and AI to deliver an exceptional broker experience,” said Jay Rajendra, chief strategy and innovation officer for Arch Capital Group Ltd. “We’re looking forward to bringing NOW’s platform to our broker partners and working closely with NOW to further develop their analytics capabilities.”