Swyfft

The company's business model is centered on its distribution through a network of independent insurance agents and brokers. This approach allows Swyfft to function as a Managing General Agent (MGA), placing policies with established insurance carriers that hold strong financial strength ratings from A.M. Best or Demotech. This structure enables the firm to focus on its core competency: leveraging data and technology for underwriting and pricing, while the risk is held by established carriers. Revenue is generated from this streamlined process of selling insurance policies. In January 2017, Swyfft secured $7.5 million in a Series A funding round from angel investors to further develop its platform and expand its reach.

Swyfft's core product is a homeowners insurance policy that can be quoted and bound in seconds, requiring only a property address from the potential customer. This speed is achieved through the use of patented analytical methods and a variety of unique data sources, most notably Light Detection and Ranging (LIDAR) data. By incorporating 3D modeling, machine learning, and millions of data points, Swyfft's algorithms can create a more precise assessment of property-specific risks, such as those from hurricanes or fires, than traditional models. This detailed risk analysis often allows the company to offer more accurate and, in many cases, lower premiums. Every policy comes standard with replacement cost coverage for both the dwelling and personal property. The company also offers additional coverages such as for equipment breakdown and private flood insurance.