It's a big day for us at ThreeFlow. We've raised $45 million in Series B funding led by Accel, with participation from our existing investors at Emergence Capital, Equal Ventures, and First Trust Capital Partners, to continue scaling the first Benefits Placement System.
“The benefits market faces a ‘many-to-many problem,’ as brokers work with many employers on one side, and many insurance carriers on the other. ThreeFlow’s Benefits Placement System has become the central collaboration hub for this industry.” - Nate Niparko, Partner, Accel
This funding milestone accompanies several other business accomplishments we’re proud to share today that demonstrate the product’s value and adoption among carriers and brokers. In the past year, premium transaction volume doubled to over $600 million, with nearly $1 billion of premium under management, and broker contracts grew 250%. We now have over 150 broker locations representing 7,600 employer clients, a 330% increase from last year. We’re also especially proud of what’s driving our growth; over 85% of our new broker leads come from existing client referrals.
We also have a major product update for our more than 40 carrier partners that rely on our technology to work efficiently and effectively with brokers and their employer clients. We’re introducing new ways for carriers to integrate with ThreeFlow, by either a direct API feed or hosted file feed. These integrations automate how carriers collaborate with brokers in every step of a benefits placement event, from opportunity invitation to quote submission to new policy implementation. We’re currently piloting with four carrier partners—industry leaders in dental and vision, life and disability, and medical stop loss—with plans to expand to more partners in 2022.
The tasks of buying, selling, and managing insurance are bogged down by administrative complexity and antiquated processes. Critical information is sent as attachments, numbers are calculated in spreadsheets, and negotiation happens over email, calls, or in person.
ThreeFlow aims to be the trusted system of record between brokers and carriers, providing real-time visibility into their shared books of business. Brokers collect, track, and easily compare multiple quotes from different carriers, and receive unbiased underwriting consultations to empower their clients to make the best benefit decisions for their employees. Carriers use more consistent workflows to manage active or completed renewals and new business quotes, helping to increase new sales and retention. Both parties use ThreeFlow data and insights to manage their relationships strategically.
By eliminating manual and redundant processes, our broker and carrier users can finally dive into the details of benefits strategy, rather than tracking down missing information.
What’s next for us
To help us progress on our ambitious mission, growing our team has been a core priority. In the last year alone, we’ve grown 4x—from 20 people to over 80! Notably, we’ve continued to build out our executive team, which now consists of top talent, including:
- Brett Carter, Head of Engineering. Before ThreeFlow, Brett led Engineering teams at AppNexus.
- Debra Senra, Head of Sales and Client Experience. Debra was previously the Chief Revenue Officer at workforce engagement platform Ten Spot and SVP of Revenue at Hireology.
- Akins Van Horne, Head of Product. Akins was previously at Gusto, where he led the product team for their benefits solution, and before that led teams at Collective Health and GetInsured.
- Cynthia Vasquez, Head of Marketing. Cynthia most recently led commercial and operations functions at Level, and product marketing and client success at Collective Health.
With a strong (and continuously growing) team in place, this new funding will allow us to deliver our product to more carriers and brokers, all to help busy people be more productive. If you’re inspired by our mission and interested in joining our team, we’re hiring across product, engineering, and go-to-market. Check out our open roles. And if you’d like to learn more about how our technology could work for you, get in touch.