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Monday, 06 October 2014 00:00

Estify Raises $1.5 Million, Presents Insurance Software for Auto Repair

Estify can finally bring its technology to market after successfully raising $1.5 million. The company has spent the last two years developing a product to monitor car insurance estimate data being passed between insurance companies and body shops.

There’s a rift between insurance companies and repair shops, explains Jordan Furniss, one of Estify’s co-founders.

“[Insurers] write up a preliminary estimate for what a repair should cost and then repair shops have to duplicate that estimate into their systems.”

Estify began as a project that Furniss and his co-founders thought up in 2012 while still in college.

“We were young enough and naive enough to try and solve this. So we went to the shops and we spent a lot of time with these body shops; observing their behavior and how managers work and how owners work,” Furniss recalls.

After spending a few months thinking about the industry’s biggest pain points, the company decided to focus on the integration of insurance estimates. Estify tested its service through the end of 2013 and launched the service in the beginning of the 2014, according to reports by Jonathan Shieber, techcrunch.com.

Furniss dropped out of Brigham Young University with only a semester left to start the company and participate in the AmplifyLA accelerator in the summer of 2012.

Estify received the $1.5 million push they needed from two firms the company financed with - Romulus Capital and ff Venture Capital.

Ther company has two offices with 30 employees, one in California and one in Utah, and then outsourced work centers in India and Peru, according to Shieber.

“Our international offices are where the grunt work is being done,” says Furniss. “We have about 10 people in Peru and 5 currently over in India.”

The company operates off of a subscription business; shops typically pay $299 per month. Four hundred shops currently use Estify's services, and according to Furniss, it’s the fastest adoption of any web-based service in the industry.

“It’s kind of like a drug,” says Furniss. “They get hooked on it.”

 

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