Software provider Riskclick has received an investment boost of $8.25m (£5.7m) to help it expand into new markets including reinsurance, captives and mutuals, speciality and wholesale.
Riskclick, which operates out of New York and London, develops collaborative commerce software for the insurance industry to make the risk management and insurance process more efficient.
The company said the extra funding came from Securitas Ventures LP, a global venture capital fund, and the company's founding investors, Banc of America Equity Partners Europe and Amadeus Capital Partners, an investor in "early-stage" technology companies.
It added that a panel of private investors, including Robert Clements, a non-executive director of Riskclick, also supported the investment.
Riskclick CEO Tim Wright said: "We will continue to develop valuable new features that enable customers in all segments to increase efficiency and modernise the services they provide to their clients.
"In addition, we will continue to build our service infrastructure in order to provide all our customers with high quality training and support."
Securitas Ventures managing director Darran Baird said: "The insurance industry is far behind other industries in adopting modern business tools.
"This increases the costs to the industry in the form of inefficiency, uncertainty and client dissatisfaction.
"We believe that the Riskclick collaborative commerce system, designed and built by insurance and software experts, is the leading cost-effective solution for these issues."
