$8M in seed funding

Moving even faster

Our changelog shares changes we make to Herald that improve our customers’ ability to connect their technology to the insurance ecosystem. Some of these improvements are direct and tangible, like new lines of business. Others are updates to our infrastructure that improve the experience of working with Herald in less obvious but equally important ways, like improved performance, security, and stability.

A third category are updates to our broader business that help us deliver these improvements even faster. Yesterday, we announced that we raised $8M in seed funding led by Lightspeed with participation from Afore Capital and Underscore. Our CEO Matt spells out in detail how we plan to use this capital to add new carrier integrations, lines of business, and features for our developers. Read about it here:

$8M in Seed Funding

Announcing our $8M Seed round to build digital infrastructure for commercial insurance | by Matt Antoszyk | HeraldAPI | Dec, 2021 | Medium

Business owners applying for insurance find themselves spending time filling out paper forms, going back and forth with their brokers over email, and waiting days or weeks to get quotes. Small…

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Fixes and improvements

All that said, we continue to make improvements to our API as well. Here are some changes we’ve made recently:

• We added support for a new class of business for our General Liability products: Machinery or equipment installation, servicing, or Repair.
• We added a risk parameter to account for solid fuel exposure given an update to a carrier’s underwriting requirements.
• We added the ability for our customers to set defaults to “child” coverage values, such as setting a business personal property limit (BPP limit) at each location.
• We added support for class identification at a finer level of granularity than 6-digit NAICS code.
• We fixed a bug where, for a certain set of class codes, we incorrectly rejected payroll as an exposure basis.
• We created a new quote status “unsupported” for submissions with valid class codes that Herald does not currently support. This status replaces a validation error, and will allow customers to collect valuable data for applicants that we don’t yet support.
• We added useful “read-only” coverage parameters for Workers’ Compensation for our customers to render on quote comparison pages.
• We expanded our BOP offering to include coverage for applicants with multiple locations.

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