Competitive Analysis of Snapsheet
An overview addressing key leadership, a brief SWOT analysis, and the fundraising history of Snapsheet, among other items, is provided in the brief below. While the research team endeavored to provide information for all the data points requested, please note that the team is unable to provide information that can be interpreted as being prescriptive in nature. The request for information on a " Potential strategic fit with PartsTrader," falls within this category. In its place the team provided information regarding the service offering for both companies, and listed characteristics of both companies that illustrate the similarities and differences between Snapsheet and PartsTrader.
- Snapsheet was founded in 2011.
- Snapsheet is headquartered at 1 N. Dearborn, Suite 600, Chicago, Illinois.
- Additional locations in the continental United States are Albuquerque, Charlotte, Dallas, Denver, Kansas City, New York, Oklahoma City, Phoenix, Portland, Sacramento, Salt Lake City, and Tampa.
- Snapsheet's Insurance Claims Automation platform has claims, appraisals, and payments modules.
- To date Snapsheet has completed appraisals valued at over $5 billion, at a virtual appraisal adoption rate of over 90%. The company has processed an estimated 2 million claims, for its more than 100 global clients.
- Customers of Snapsheet include Zurich, Clearcover, Generali, Outdoorsy, Getaround, Kin, Mutual of Enumclaw, and James River Insurance,
- Snapsheet has been included in the Sønr Insurtech 100 Index for 2020 and 2019, as a top startup in the Insurer Investor Report for 2020/2019, and named in Deloitte Technology Fast 500 in 2019.
- Snapsheet has a strong brand as evidenced by its growing customer base from 35 companies in 2016 to over 100 in 2021, and an appraisal adoption rate of over 90% from total appraisals, valued at over $5 billion. It is also seen as an InsurTech leader by investors with a "demonstrated track record of pioneering digital innovation in the industry."
- The company has been recognized by industry experts as varied as the Financial Technology report and the Sønr Insurtech 100 Index and the Insurer Investor Report named Snapsheet as one of the startups considered "successful" by investors.
- Negative customer reviews for Snapsheet on G3.com centered around deficiencies in customer support, cost of services, lack of flexible pricing, and longer processing times for claims on account of technical inefficiencies with the photo system.
- Demand for automated claims processing is expected to increase as insurers move away from the inefficiencies of manual processes. This is part of an overall increase in volume for Insurtech.
- Accenture has identified a disruption to the traditional sales and service model (using local agents and nurses) caused by the need for physical distancing wrought by COVID-19. This presents an opportunity for InsurTech as customers explore, and become comfortable, with digital options.
- Chief Investment Officer at Global Voyager, Donald Lacey cites Snapsheet's ability to integrate with existing tech stacks in service of automating processes and giving effect to digitization as a major factor in the growth potential of the company, as the digital transformation in insurance continues to increase.
- Insurers, whether traditional or InsurTech face top-line revenue pressure due to the impact of the COVID-19 pandemic.
- Investment income has been impacted by zero percent interest rates, and intervention by the regulators to address reduced usage of insurance products, extending business interruption and compensation insurance, threaten insurer margins and loss reserves.
- Key competitors for Snapsheet are Tia Technology, Easyinsurance, Neosurance, and comparis.ch.
- To date Snapsheet has raised a total of $102.3 million in funding.
- Seed funding totaled $250,000, Series A funding totaled $1 million, Series B funding, Series C funding totaled $20 million, Series D funding totaled $12 million, Series E funding was completed in two amounts $29 million and $30 million.
- Investors in the company have included OCA Ventures, USAA, Commerce Ventures, Tola Capital, Pivot Investment Partners, Liberty Mutual Strategic Ventures, Nationwide, F-Prime Capital, Ping and Global Voyager Fund, State Auto Labs, and Sedgwick.
- Snapsheet was founded by Brad Weisberg. Mr. Weisberg was named as one of the top 25 Insurtech CEO s of 2020 by Technology Innovators.com, as a finalist for EY's Entrepreneur of the Year, Midwest region in 2018, and in the Hot 100 for Insurance Business America in 2020 and 2019. He has been featured in Forbes, The Wall Street Journal, and Fast Company. His company profile can be accessed at this link.
- The Chief Strategy Officer, and co-founder, is CJ Przybyl. Mr, Przybyl entered the mobile claims technology field in 2011 when he led the process that pivoted BodyshopBids into becoming Snapsheet. A serial entrepreneur, Mr. Przybyl's profile can be accessed at this link.
- The Chief Operating Officer is Andy Cohen. Mr. Cohen has authored articles that have appeared in The Wall Street Journal, Carrier Management, and Best Review Magazine. His profile can be accessed at this link.
- Dan Colomb is the chief technology officer at Snapsheet. Mr. Colomb has worked in the development of military, public safety, and commercial communication products. His profile can be accessed at this link.
- Profiles for the Vice President of People, Sarah Howe, the Chief Financial Officer, Susan Sell, and the President, Jamie Yoder, can be accessed at this link.
- Profiles for Board Members, Sanjay Aggarwal, Dennis Chookazian, Sheila Gulati, Donald Lacey, Michael Smith, and Howard Tullman can be accessed at this link. Mr. Weisberg is also a member of the Board.
Notable Events (press releases and news)
- Company press releases within the past year has centered around the company securing Series E funding, an expanded partnership with Getaround to digitize and automate its claims processes, launching the Snapsheet Appraisals module with Generali, a partnership for improved claims management with Skyward Specialty Insurance Group, a partnership with Kin to implement an automated digital experience, omnichannel engagement, and claims management, an expanded partnership with Outdoorsy, digital payments for Clearcover, a partnership to add fraud detection to the Snapsheet platform with Shift Technology, and an expanded partnership with Mutual of Enumclaw.
- Among the media articles in which Snapsheet has been featured in the past year are coverage of Nationwide's increase in its venture capital fund $350 million, articles in Insurance Thought Leadership on ecosystems and the next wave of Insurtech, its partnership with Clearcover, recognition of the company CEO on the Hot 100 list from Insurance Business America, an article regarding TnsurTech opportunities, the impact of COVID-19 on claims operations, Insurtech commanding the attention of the insurance industry, an article on Snapsheet engineers leading the Insurtech revolution, among others.
Snapsheet and PartsTrader
The Service Offering
- The Snapsheet Claims Platform automates the claims process using a Software-as-a-Service (SaaS) service model that allows customers to employ data and automation in the claims handling decision-making process. Service modules can be integrated into native infrastructure to augment the digital transformation journey.
- The PartsTrader Platform is an online marketplace in the collision repair market. The company proposes to help the part selection decision from the provision of a real-time, integrated, and transparent marketplace characterized by competitive pricing and accurate information.
- Both companies operate within the wider automotive industry with Snapsheet providing a SaaS solution for automated claims processing, while PartsTrader matches buyers and sellers of automotive parts in an online marketplace.
- Both companies are characterized by integration, with native company infrastructure in the case of Snapsheet, and with part suppliers in the case of PartsTrader.
- PartsTraders offers insurance carriers competitive pricing for the procurement of collision parts, while broadening the pool of service providers and repairers that can be accessed by insurers in sourcing parts.
- Snapsheet deploys its proprietary technology to enhance the efficiency of the virtual claims operations process, providing claim's adjusters with a seamless experience.