Sure, one of the latest entrants into the "insure-a-thing"vertical, announced this week that it raised $8 million in Series Afunding, which the New York City- and Los Angeles-based InsurTechstartup intends to use to grow its product and marketingoutreach.

Run predominatnly through a mobile app and website, Sure's business modelinvolves partnering with insurance industry incumbants to bring adigital solution to consumers who are interested in prodectingindividual purchases such as flights, baggage and weddings. Theproduct is currently available nationwide.

This latest funding is earmarked to grow Sure's smartphone-onlyinsurance policy.

Related: Insurance 2.0 is a game changer

Sure CEO Wayne Slavin told PC360 this week during a telephoneinterview that a certain segment of today's consumers is eitherdisinterested in or unable to secure smartphone coverage throughtheir wireless service provider — either because it's toocostly, or because their mobile device is dated.

"The biggest growing market in cell phone sales is actually usedor aftermarket phones," Slavin said. "We've created something thatopens up a new opportunity for those consumers."

The vast majority of Americans (95%) now use a cellular phone,and most of them (77%) are using a smart phone, accordingto January 2017 research from the Pew ResearchCenter. 

What's more, Wired magazine reported in late 2015 that thewidespread adoption of cell phones and smartphones spurred a robust secondhand market fot thosedevices — a phenomon that smart phonemanufacturers tend to embrace because when older phones hold resalevalue, that can incourage tech-savvy conumers to repurchase thedevice in the latest, greatest model, and then sell their oldone.

Sure worked with Warrantech to devise technology that allows thecompany to perform quick smartphone diagnostic tests beforeextending insurance coverage for that device.

Related: Using IoT to better servecustomers

Sure stands ready to serve both the secondhand market as well asthose consumers with a desire to find or enhance insuranceprotection for their high-value mobile devices.

Sure CEO Wayne Slavin hopes to distinguish his company fromthe crowded InsurTech field by working with, rather than against,industry incumbents, many of which are struggling to digitize thecustomer experience. (Photo: iStock)

InsurTech in general may seem like a crowdedinvestor field these days, but Slavid argues that Sure ittaking a unique approach to innovation.

"When you look at the InsurTech space," he said, "some folks aresaying, 'We are here to reinvent, or we are here to disruptinsurance.' We are not. We are here to redistribute product throughpartnerships with existing carriers. We are here to enable existing carriers, that may have been around 110 or130 years, to move into the digital space, and not to disruptthem."

He added that Sure also aspires to provider a faster, morestreamlined claims process than what most consumers expect fromtheir umbrella policies.

Related: 3 InsurTech updates to the underwritingprocess

"Let's say you break your phone," Slavin said. "You can take itto an Apple store, get it repaired, send us the information aboutthat repair, and we will reimburse you within 24 hours for whatevermoney you were charged to either replace or repair your phone. Thatway, you can get back to their life."

Because, Slavin added, today's consumers need two things tosurvive each day: "You need oxygen, and you need your iPhone" orAndroid device.

This latest fundraising round was led by IA Capital withparticipation from Menlo Ventures, FF Venture Capital, NationwideVentures, Assurant and AmTrust.

"Sure offers best-in-class technology for insurance companiesseeking to modernize their distribution strategy," AlexMaffeo, the principal at IA Capital, said in a press release aboutSure's latest funding milestone. "Consumer purchasing behavior inthe insurance industry is changing rapidly and Sure offers aturn-key mobile distribution solution for its customers. We areextremely excited about the company's future."

See also:

The Internet of Things and corporate riskmanagement

5 top insurance tech trends for2017