ClearRisk Inc., the St. John’s SAAS venture that helps mid-level insurance brokers assess risk, is celebrating its fifth anniversary this month by launching a mobile app.
The company led by Craig Rowe got a major boost this year when GrowthWorks Atlantic and the First Angel Network teamed up to back it with $1.2 million, now it is expanding its versatility by allowing clients to use its services on mobile phones and devices.
"We’re launching our first mobile app this week,’’ CEO and founder Rowe said in an interview at Invest Atlantic on Monday. "Our software is built and priced for the mid-market but we wanted to check out the free space.’’
A month ago, Rowe attended the Dreamforce conference in San Francisco, the biggest meeting anywhere for the cloud computing community, and the recurring theme as the continuing explosive growth of mobile phones and tablets.
"Companies need to think mobile,’’ he said. "In a few years, it won’t be mobile or PCs – it will just be apps. And we will be on the cutting edge of it.’’
ClearRisk’s mobile app is a risk calculator that allows the broker to enter the client’s loss history and help him or her to calculate a premium. It is free for the first few times it’s used, after which the user has to pay. ClearRisk is also working on other apps that are compatible with its web-based products.
Rowe said the company has aggressive growth plans and intends to raise money in the next 12 months. He expects the raise to exceed the $1.2 million it secured earlier this year.
ClearRisk was founded in 2006 on the premise that large insurance companies had access to a vast array of pricing tools for setting insurance premiums, but thousands of small and mid-sized brokers lack such devices. So Rowe, a veteran of the insurance industry, developed a range of products that help the mid-market reduce premiums, claims, downtime, and other risk-related costs.
As well as GrowthWorks and FAN, the company has received backing from Acoa, the National Research Council and the Newfoundland and Labrador Department of Innovation, Trade and Rural Development. Its board of directors includes Boston VC guru Mike Grandinetti.