Greenlight Re Innovations backs start-up InsurTech Blueprint Title
Greenlight Re Innovations said Thursday it invested an undisclosed amount in Blueprint Title, an InsurTech that specializes in title insurance.
Nashville, Tennessee-based Blueprint aims to reduce the costs associated with agency commissions by centralizing underwriting and agency operations under a full-stack carrier, significantly reducing the expenses per file.
Simon Burton, CEO at Greenlight Re, said: “Title insurance is the perfect example of an inefficient marketplace with high expense ratios.
“The title market is well-suited to innovative solutions, and we are pleased to partner with Blueprint as they look to transform this market through innovative technology, automated processes, and competitive pricing.”
Blueprint CEO Steve Berneman added: “The ‘Single Family Residential’ asset class should be accessible to all, and that’s only possible if title and escrow take a modern approach to transactions.
“At Blueprint, we use technology, transparency, and innovative insurance models to empower buyers and sellers and to remove friction from the process. The team at Greenlight Re understood that mission from our first conversation – insurance doesn’t have to be complicated and frustrating.”
Blueprint previously raised $1mn in a Series B fundraising round in September led by Forte Ventures. In January 2020, it closed an $8.5mn Series A but did not reveal its backers.
The move comes a month after Greenlight Re named Brian O’Reilly as head of innovations and bolstered its InsurTech venture unit.
Greenlight also recently put an unknown amount into InsurTech Coterie, which focuses on SME commercial insurance.