Omaha National is focused on SMEs in the US. Credit: Janno Nivergall from Pixabay.

Omaha National, which offers workers’ compensation insurance, has raised $45m in a Series B funding round led by Accomplice.

The latest round was also joined by HighSage Ventures and Tull Investments.

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The tech-driven insurer plans to use the funds to transition to operate as a direct insurance writer and expand its proprietary software.

Established in 2016, Omaha National is focused on small and medium-sized companies in the US.

Omaha National president and CEO Reagan Pufall said: “We see an unmet need in workers’ compensation for a company that employs advanced technology to achieve better claim outcomes and superior underwriting results.

“We have achieved a lot in the past five years but we are just getting started. We are excited to welcome our new investors to join us on this journey.”

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Accomplice founding partner Ryan Moore said: “We were drawn to Omaha National’s proprietary technology and their forward-thinking culture. We are excited to be supporting their efforts to expand their strategy.”

Omaha National stated that its founding members include executives who built workers’ compensation businesses at other carriers, including Berkshire Hathaway.

Currently, it offers workers’ compensation insurance coverage through over 2,500 agencies and employs nearly 200 people.

Earlier this month, Foxquilt, an insurtech firm focused on small business owners raised $8m.

Foxquilt’s platform leverages data analytics and artificial intelligence to offer business insurance based on business type and requirements.

Its offerings include general liability, professional liability, workers’ compensation, cyber, and commercial automobile coverage.