Casper king Philip Krim is getting into the insurance business

Since leaving his position as the CEO of Casper in 2021, Philip Krim has invested most of his time in companies through his company, Montauk Ventures. Ranger is an insurance company that wants to elevate agents rather than replace them.

The majority of the new-wave insurance platforms focus on the end- consumer. Goodcover aims to add more transparency to the product with dividends paid out to users on unused premiums, and platforms like Lemonade and Hippo make it easy to get insurance.

We can't tell if any of them have focused on helping insurance agents. Ranger sees its future success in that location.

Ranger focuses on giving agents tools to respond more quickly to customers, generate better leads, maximize cross-sell to other products, and personalize client services, rather than spending a lot of money on marketing.

Greg Garrison and Gabriel Flateman co founded Ranger. Garrison saw how neglected agents are at legacy insurance companies when he worked at AIG. Better incentive models and better tooling allow agents to do the selling, instead of spending money on marketing. He realized that a lot of families don't know their homes are under-insured.

According to Garrison, high-touch agents, who have the time thanks to automated administrative tasks, can help those end- users feel confident about their policy choices.

The closing of a $5.25 million seed round led by Lerer Hippeau was announced today by Ranger.

In the fall, Ranger will offer home insurance, auto insurance, and a home warranty policy that it will be partnering with a carrier to write its own policies. The startup will be located in several states.

The market is divided into two segments. The ultra wealthy have a lot of help from their agent, while everyone else just buys and policies. Ranger is targeting middle income families buying a home with a more personalized approach to insurance.

Garrison said that the market has mostly been focused on commoditizing insurance products, focused on consumer spending as little time as possible, and spending as little money as possible. It is almost ubiquitous among legacy carriers and insurtechs. We have a new value proposition. The challenge will be getting our message out there and getting people to pay attention to things other than what the market has been telling them. The role of people's homes in their lives is not trivial. The way they shop for insurance would suggest that it isn't.