Snapsheet

Snapsheet provides a Software-as-a-Service (SaaS) solution for insurers to digitize their claims processing function, starting from First Notification of Losses (FNOLs) to processing disbursements. The platform includes features such as real time status tracking, payee engagement, financial reporting and integration with banking platforms. The company started as BodyShopBids, providing a marketplace for auto repairs where customers could upload photos of their damaged vehicles and seek quotes from multiple repair vendors. In 2012, the company pivoted to licensing its technology to insurers, enabling them to carry out appraisals virtually without having an agent on-site.

Key customers and partnerships

Snapsheet has partnered with insurance startups such as Kin Insurance and Clearcover to power their claims management function and has also entered into cross-industry partnerships with car-sharing platform Getaround and salvage vehicle marketplace Insurance Auto Auctions (IAA).

As of July 2023, the company worked with more than 140 insurance carriers, MGAs, third-party administrators, and self-insured entities across Canada, Europe, and the US.

Fundings and financials

In July 2023, the company secured an undisclosed strategic investment from State Farm Ventures. Prior to this, it raised USD 29 million in Series E funding led by Tola Capital. The company was expecting to use this funding to expand their SaaS claim platform to other lines of property and casualty insurance.

In FY2022, Snapsheet recorded revenue growth of 63% YoY, and processed over 700,000 appraisals with USD 3.1 billion in claims payments.