According to the sources the funds of $55 Million covers 40% in debt and 60% in equity.
The report stated that the company supports retailers and other firms in selling embedded insurance product offerings to their customers, offers commission on the insurance products sold and outsources the risk to the insurance and reinsurance organizations.
Neat has a robust distribution network of 1500 distribution partners. Coined as ‘a turnkey, White-label insurance service’ by Neat about its embedded insurance products on its website.
The website reflects over forty insurance products of complete guarantee, satisfied or Money returned, coverage purchase, cancellation all causes, buy back, breakage and breakdown, theft, events cancellation, travel insurance and extended warranty.
Neat has customers in the industry segments of medical devices, high-tech, banking, hosting, events, mobility, travel, retail and e-commerce.
The organization enables business firms to expand their revenues, generate repeat sales and build customer loyalty. By steadily increasing its contact points the organization aims to grow its penetration in the market and subsequently increase its market share in the insurance sector.
Maximilien Dauzet Neat Co-founder and CEO stated that “In our business, we usually say that we hold the company’s checkbook, in the sense that we create our own rates, products, and policies. At the same time, we outsource the risk to insurers or reinsurers that trust us.”
Neat has a robust internal system that customizes and crafts new insurance products with small, transparent built-in commission for the startups. Hence the company can independently create new insurance products through its own actuarial and compliance teams avoiding the need to partner with other insurance companies. At the same time, distributors receive commissions, while reinsurers have the opportunity to generate interest at the end of the insurance process through their relationship with Neat.
