Snapsheet

Snapsheet provides a Software-as-a-Service (SaaS) solution for insurers to digitize their claims processing from First Notification of Losses (FNOLs) all the way to processing disbursements. The platform includes features such as real-time status tracking, payee engagement, financial reporting, and integration with banking platforms. Started under the name BodyShopBids and providing a marketplace for auto repairs that allowed customers to comparison shop by uploading photos of their vehicles, in 2012, the company pivoted to licensing its technology to insurers, enabling them to carry out appraisals virtually without having an agent on site. 

The company was forced to furlough 100 staff due to the downturn caused by the Covid-19 pandemic, but by March 2021, the company had reengaged 24 of those employees for a total headcount of 220 people with plans to expand its team by 170 over the next two years.

Snapsheet has partnered with insurance startups such as Kin Insurance, Clearcover, and Branch Insurance to power their claims management systems and has also entered into cross-industry partnerships with car-sharing platform Getaround and salvage vehicle marketplace Insurance Auto Auctions (IAA). As of March 2021, the company claims to have processed millions of claims and more than USD 7 billion in appraisals for more than 100 clients including Zurich Insurance and the car rental company Hertz.

In March 2021, the company raised USD 30 million in a Series E2 funding round led by Ping An Global Voyager Fund and Pivot Investment Partners. The company expects to use the funding to add new features to its claims management platform and grow its team.