Rainbow

Rainbow operates as a digitally-enabled managing general underwriter (MGU) that focuses on providing tailored insurance products for small businesses. The company was established in 2022 by a team of experienced entrepreneurs, including CEO Bobby Touran and Head of Technology Shalom Yiblet. In January 2024, Rainbow announced it had secured $12 million in seed funding from a group of investors that included Caffeinated Capital, Altai Ventures, Zigg Capital, and Arch Capital Group Ltd.

The company's business model centers on creating specialized insurance programs for specific industry verticals where its data-driven and technological approach can offer a distinct underwriting advantage. Rainbow distributes its products exclusively through independent insurance agents and digital partners. The initial flagship program is a business owner's policy (BOP) specifically designed for the restaurant industry, a sector that other carriers have been exiting. This program is available in numerous states with plans for continued expansion.

Rainbow's product provides a streamlined, instant quote-to-bind experience for its agent partners. For the insured businesses, it offers features like the "Rainbow Rewards" program, which gives premium credits to establishments that demonstrate safe and proactive operational practices. A key feature is the Pay-As-You-Go billing option, which adjusts the monthly premium based on the restaurant's operational fluctuations. Digital partners can integrate with Rainbow's API to embed instant quoting capabilities into their own platforms, such as point-of-sale or accounting software.

Keywords: small business insurance, managing general underwriter, MGU, restaurant insurance, business owner's policy, insurtech, commercial insurance, property and casualty, digital underwriting, insurance API, pay-as-you-go insurance, insurance technology, agent distribution, broker channel, commercial BOP, foodservice insurance, risk management, specialty insurance, embedded insurance, venture capital