Global property-casualty insurer Chubb has become a key insurance partner of Bunker Technologies, a venture-backed company that embeds business insurance directly into the contracting process.
In a statement, Bunker said the partnership with Chubb will help the San Francisco-based company eliminate insurance as a barrier to the “future of work” – a movement characterised by a growing number of organisations that increasingly prioritise a flexible workforce as a crucial element to their strategy.
Through the tie-up, Bunker aims to accelerate new insurance product development for the future of work.
"We launched the first usage-based business insurance product with Chubb last year, and for the first time an independent professional can purchase project-specific general and professional liability and secure proof in two minutes on our platform,” said Chad Nitschke, co-founder and CEO of Bunker. “The product is live in 43 states, we've experienced triple-digit policy growth, and over ten future of work platforms have signed on as new Bunker members. We're ambitiously carrying this innovation forward and accelerating our product roadmap by building additional technology features and unique insurance products tailored to this rapidly growing part of our economy."
As part of the deal, the insurer made a minority investment in Bunker. Bunker previously raised $8m from Comcast Ventures, Route 66 Ventures, and Spero Ventures along with insurers American Family Ventures and Hiscox.
