2022: Year in Review
The New Year is a time for reflection, but it also gives us reasons to look forward. It’s clear that Limit is enabling activity never thought possible
As 2023 kicks into gear, we look back on a rewarding year at Limit. 2022 was a year of many achievements, giving us plenty of opportunities to think about the progress we’ve made, where we stand today and how we want to approach the years ahead.
Read on to learn more about what we’ve been working on, and be sure to follow us on LinkedIn to stay up to date on future developments.
Year of the Rebrand
We started Limit two years ago to solve the inefficiencies that plague the insurance landscape. In the early days, we had been searching for an identity that would tie in naturally to our offering – a name that would bring structure and insight to an industry that is notoriously difficult to navigate. In September 2022, we landed on Limit.
Conceptually, Limit just made sense. After all, limits are a core component of the product insureds are buying. Going deeper, our job is to help retail brokers win by limiting the busywork that prevents transactions from happening quickly. To celebrate the rebranding, we refreshed our logo and completely revamped our website, all while empowering brokers to win more deals. You can read more about the evolution of our brand here.
We Raised $14.5M
It’s difficult to enact change, especially in a mature industry occupied by established players. Despite these conditions, it’s clear that the insurance landscape is experiencing seismic changes, with retailers looking for ways to do more deals in less time. In 2022, our team focused solely on supporting brokers from beginning to end, positioning Limit as a leading digital wholesaler.
Accompanying our early success, Limit received $14.5M in funding led by IA Capital Group, with additional investments from American Family Ventures, Indicator Fund, Material V, and others. Our largest vote of confidence to date, this investment has enabled us to launch exciting features, break into new markets and grow our team. Learn how we’re utilizing our latest round of funding to make insurance faster.
Management Liability Coverage
The first market we launched to bolster retailers was cyber, and we still spend a lot of time with these partners today. After countless hours honing our craft, it became clear that Limit’s platform can unlock opportunity across the board.
Motivated by repeated feedback, 2022 was the year that Limit officially released Management Liability lines of coverage for all retailers. By continuing to support new markets and lines, we believe we can connect the insurance world at large. Today, Limit provides rapid quotes for:
- Tech E&O
- Kidnap & Ransom
Learn more about Limit’s Management Liability solution.
Getting it right in the insurance space requires a team that sweats the small stuff while remaining quick on their feet. Behind the scenes, our platform is overseen by folks on Limit’s talented engineering team who work tirelessly to represent the aggregate requests of our retailers.
Some of the products and features we’ve added in the last year include:
- Whitelabeled Proposals. Retailers can deliver curated PDFs that make it easy for insureds to pick and choose the policy that best suits their needs, without the need for a marketing team.
- New APIs. We have provided instant quotes from the very beginning. At the same time, we recognize that a widespread marketing effort can make a world of difference for the end customer, which is why we continue to add new, innovative APIs to our platform. In fact, we were the first digital wholesaler to build an API for Cowbell Prime 250.
- Storefronts. Retailers can send an application to all their clients using one single link, eliminating the need for monotonous back-and-forth communication.
- Cyber Price Index. The first of its kind, Limit’s Cyber Price Index provides retailers with real-time data that they can use to inform insureds on the state of the market.
Our Team Got Larger
At the beginning of 2022, Limit was a 10-person team working around the clock to improve the way insurance transactions happen. Today, Limit is composed of roughly 40 tenacious and talented folks who work fastidiously to propel our next chapter of growth.
The New Year is a time for reflection, but it also gives us reasons to look forward. The insurance industry has experienced change for the first time in decades: handwritten etiquette is on the way out. While this evolution may take time, it’s clear that Limit is enabling activity never thought possible. This time last year, Limit was a small startup with large ambitions. One year later, our platform has provided tens of thousands of quotes from more than 40 top providers – and this is just the beginning.
If you are a retailer and have not yet experienced the power of Limit, reach out to us at firstname.lastname@example.org and see why thousands of agencies trust our platform to provide the best insurance in the least amount of time. We’re excited to partner with you.