Log in
Enquire now
Fabric (insurance company)

Fabric (insurance company)

Fabric Insurance is a Brooklyn-based digital insurance broker.

OverviewStructured DataIssuesContributors

Contents

meetfabric.com
Is a
Company
Company
Organization
Organization

Company attributes

Industry
Financial services
Financial services
Personal finance
Personal finance
Insurance
Insurance
0
Property insurance
Property insurance
Finance
Finance
Technology
Technology
...
Location
Brooklyn
Brooklyn
CEO
Adam Erlebacher
Adam Erlebacher
Founder
Adam Erlebacher
Adam Erlebacher
Steven Surgnier
Steven Surgnier
AngelList URL
angel.co/meetfabric
Pitchbook URL
pitchbook.com/profiles...169866-82
Legal Name
Fabric Insurance Agency, LLC
Full Address
20 Jay St, Ste 438, Brooklyn, NY 11201
Investors
RGAx
RGAx
Bessemer Venture Partners
Bessemer Venture Partners
Norwest Venture Partners
Norwest Venture Partners
Redpoint Ventures
Redpoint Ventures
Silicon Valley Bank
Silicon Valley Bank
Sierra Ventures
Sierra Ventures
Samsung Ventures
Samsung Ventures
Nippon Life Global Investors Americas, Inc.
Nippon Life Global Investors Americas, Inc.
...
Founded Date
2015
Total Funding Amount (USD)
89,000,000
Latest Funding Round Date
February 2021
Competitors
Amerisure Insurance
Amerisure Insurance
Latest Funding Type
Series B
Series B
Wellfound ID
meetfabric
Country
United States
United States

Other attributes

Company Operating Status
Active
Latest Funding Round Amount (USD)
43,000,000

Fabric Insurance, founded in 2015 by CEO Adam Erlebacher and CTO Steven Surgnier, is a fully licensed online insurance agency. Customers sign up through Fabric's digital process. The insurance policies are fulfilled by Vantis Life Insurance, which has been operating since 1942 and carry an A+ grade from credit-rating A.M. Best.

According to CEO Adam Erlebacher, in speaking to ValuePenguin, Fabric Insurance:

Lets you apply for term life insurance online, without needing to go anywhere in person or deal with agents trying to upsell you more expensive products than you need. It takes about ten minutes and you can get an immediate decision without a health exam.
Products
Fabric Instant

Fabric Instant is the companies basic plan. They cover accidental death, such as automobile accidents, fire or murder, but exclude death by illness, suicide or participating in a riot.

The prices for the policy are tiered at $6 per month for $100,000 in coverage, $15 per month for $250,000 in coverage and $30 per month for $500,000 in coverage. Individual health does not impact acceptance, because the policy doesn't cover it. Some exceptions do depend on a state-by-state basis. For example, in Pennsylvania, military-related deaths and alcohol-related deaths are excluded.

Fabric Premium

The Fabric Premium policy is a life insurance policy which, unlike Fabric Instant, covers death caused by illness. The exclusions to this policy are suicide, regardless of mental state at the time of death, and misrepresentation on application.

Fabric Premium is a term life insurance policy, with offered terms of 10, 15 and 20 years with coverage up to $5 million. The term and amount can be modified by the user to best budget.

In some cases, applications for Fabric Premium will require a secondary review to ensure qualification and a blood test before Fabric will offer the user a policy. The test will impact Fabric's calculation of an individual policy's cost and coverage. However, there are no health-related exclusions.

Fabric Will

Fabric Will is a free-to-use service which allows a user to put together their last will and testament. They also offer spouse's a "mirror will" where wishes shared between can be easily copied.

Through Fabric Will, a user can appoint a guardian, name a beneficiary, name an executor and name any final arrangements. Fabric will also share the will with those named so they know where to find the will.

Fabric Vault

Fabric's second free-to-use service allows partners to create a map of their finance's. Through Fabric Vault, users can share their financial data, including their bank, investments, 401(k), life insurance and other accounts, along with any login information necessary to access the accounts.

Funding
Seed Round

In March 2017, Fabric Insurance raised $2.5 million. Bessemer Venture Partners led the round which included Box Group, Brainchild, Maveron, Red Sea Ventures and RGAx.

Series A

Fabric raised $10 million in June of 2018. Bessemer Venture Partners led the round which included participation from RGAx and Silicon Valley Bank, which provided a credit facility.

Timeline

No Timeline data yet.

Funding Rounds

Products

Acquisitions

SBIR/STTR Awards

Patents

Further Resources

Title
Author
Link
Type
Date

Fabric's Adam Erlebacher: 'No one wakes up thinking about how to buy life insurance'

https://soundcloud.com/tearsheet/fabrics-adam-erlebacher-no-one-wakes-up-thinking-about-how-to-buy-life-insurance

September 8, 2019

How Fabric Works

https://vimeo.com/208553354

March 15, 2017

References

Find more companies like Fabric (insurance company)

Use the Golden Query Tool to find similar companies in the same industry, location, or by any other field in the Knowledge Graph.
Open Query Tool
Access by API
Golden Query Tool
Golden logo

Company

  • Home
  • Press & Media
  • Blog
  • Careers
  • WE'RE HIRING

Products

  • Knowledge Graph
  • Query Tool
  • Data Requests
  • Knowledge Storage
  • API
  • Pricing
  • Enterprise
  • ChatGPT Plugin

Legal

  • Terms of Service
  • Enterprise Terms of Service
  • Privacy Policy

Help

  • Help center
  • API Documentation
  • Contact Us
By using this site, you agree to our Terms of Service.