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Finance

Hi Marley raises $8 million to develop conversational AI for insurance

by Chuck Martin
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The platform allows claims, underwriting and policy interactions by text

Hi Marley, a startup specializing in AI-based conversation tech for the insurance industry, has closed an $8 million funding round.

The Series A1 round brings the Boston-based company’s total financing to $18 million.

The money will be spent on refining Hi Marley’s insurance focused conversational messaging product and increasing customer engagement, according to the company.

The funding found was led by True Ventures and Underscore VC, with participation by Bain Capital Ventures and Greenspring Associates.

Industry focus

“Hi Marley is solving a fundamental problem with the way insurance carriers interact with their insureds,” said Puneet Agarwal, partner at True Ventures.

“We value the existing partnership with Underscore VC and True Ventures and welcome our new partners at Bain Capital Ventures and Greenspring,” said Mike Greene, founder and CEO of Hi Marley. “We’re grateful to have investors who appreciate the insurance industry and are aligned with the purpose and vision we share with our customers.”

Hi Marley’s intelligent, text-based messaging platform is used by insurance companies and their partners to connect with customers for transactions across claims, service, and underwriting.

For example, the system can be used to notify customers of premium relief credits and billing options relating to the global pandemic.

The Hi Marley AI platform, launched in 2017, is used by insurers including American Family and Plymouth Rock.

“The Hi Marley platform is helping our insurance business level-up to, and even exceed, the expectations of our customers that are used to mobile-enabled experience in most other aspects of their life,” said Mary Boyd, president and CEO, Plymouth Rock Assurance.

“Combining Hi Marley’s technology and the Plymouth Rock brand of uniquely human service, we are delivering proof that by meeting customers where they are and offering satisfying service, we can build a stronger business.”

The new funding is expected to allow the expansion of the engineering team to accelerate certain industry features and grow the customer-facing teams to deal with market demand.

Hi Marley also plans to build out its portfolio of APIs and increase partnerships with other industry platforms.

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