Slingshot Insurance, an AI-native insurer focused on the embedded economy, has launched publicly after operating in stealth, revealing that it has secured $27m in seed capital.

Rally Ventures and Skyward Group jointly led the oversubscribed round. A number of property and casualty (P&C) insurance veterans also invested, among them Jim Hays, who is set to take a seat on the company’s board of directors.

The raise comes as embedded insurance gains momentum within the wider P&C landscape. According to industry projections cited by the company, embedded policies currently make up around 3% of worldwide P&C premiums, a share that could climb to close to 20% within ten years, growing considerably faster than the overall market.

Slingshot was co-founded by Rally Ventures and Ethan Genteman, who previously served as chief actuarial officer at Palomar Holdings. The business aims to support those operating in the embedded space, such as vertical software platforms, managing general agents (MGAs) and insurance distributors, by giving them the technology, capacity and pace needed to bring new products to market and grow them. Target areas include fast-moving niches like amateur sports, travel and the gig and independent-work economy.

The company’s platform is built specifically for the demands of embedded insurance, where large volumes of products generate significant transactional and data complexity. Rather than relying on spreadsheets, email chains and disjointed legacy systems, Slingshot offers one unified system that applies AI to automate intricate workflows, while APIs link it directly to MGAs, distribution partners and capital providers. Each decision made on the platform can be audited, reconciled and explained, offering greater visibility, speed and insight to MGAs and those supplying capital.

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