Company Overview
About PolicyFly
PolicyFly is a New York-based insurtech company that automates specialty insurance workflows — digitizing the submission-to-policy process for cyber, flood, and trucking insurance that traditionally takes weeks of back-and-forth between brokers, managing general agents (MGAs), and carriers, reducing transaction times to minutes through an automated digital platform that handles structured data collection, underwriting rules, coverage configuration, and policy issuance. Founded in 2018 and backed by Bain Capital Ventures, Susa Ventures, and Y Combinator with $8 million raised including a $7 million seed round, PolicyFly serves the $200 billion specialty insurance market.
Business Model & Competitive Advantage
PolicyFly's platform connects the distribution chain in specialty insurance: brokers submit structured risk data through PolicyFly's digital intake forms (replacing the unstructured email and PDF submissions that require manual re-keying at each handoff); the MGA or carrier's underwriting rules run automatically to generate a quote or refer to an underwriter; bound policies are issued digitally with e-signatures and digital certificates. The specialty insurance market is particularly paper-heavy — unlike personal auto or home insurance (which have standardized data formats), specialty lines (cyber, professional liability, excess and surplus) have customized terms that require bespoke submission and negotiation.
Competitive Landscape 2025–2026
In 2025, PolicyFly competes in the specialty insurance distribution technology market with Appulate (commercial insurance submission platform), Veruna (Salesforce-based AMS for MGAs), AgentSync (producer licensing and compliance), and Next Insurance (digital insurance for SMBs) for insurance distribution automation. The specialty insurance market has been slower to digitize than personal lines, but InsurTech investment has accelerated digital infrastructure development. The MGA sector has grown substantially — MGAs write approximately $65 billion in US annual premium, and digital platforms that make MGA distribution more efficient are increasingly attractive to both MGAs and the carriers that back them. Bain Capital Ventures' lead reflects the investment firm's conviction in specialty insurance distribution technology. The 2025 strategy focuses on expanding the specialty lines beyond cyber, flood, and trucking, deepening the carrier integration for automated quote-bind workflows, and growing the MGA customer base.
Recent Activity
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Emerging Innovator
PolicyFly is an emerging player bringing innovative solutions to the Insurance Tech market.
Frequently Asked Questions
Estimated Visibility Trend (Beta)
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