Scout InsurTech Interview with SnapRefund

SnapRefund is a fintech and insurtech company. They seek to make selling and binding agency billed policies as easy as sending a link to your customer’s phone. Chris Luiz sat with CEO, Cody Eddings, to learn more about how SnapRefund is impacting the industry.

Who are SnapRefund’s clients?

Our clients include insurance companies—carriers, MGAs and third-party administrators—for our claim payment product, ClaimSnap. For AgentSnap, our clients are agents, brokers and wholesalers needing billing and invoicing solutions.

What does your product do?

We offer two products: ClaimSnap, which automates claim payments, and AgentSnap, which automates agency billing and invoicing.

How much capital have you raised to date?

We’ve raised around $900,000.

Was the company born from within or outside of the industry?

While my co-founder and I come from outside the insurance industry, we built the company based on extensive conversations with industry stakeholders. So, in a way, it’s a mix of both.

What growth metrics have you accomplished over the last 12 months?

Over the past 12 months, we’ve grown to 24 clients and crossed $2 million in processed payments on our platform.

Within your domain, what is the current challenge that the industry is facing?

For ClaimSnap, challenges include inefficiencies in the claim payment process, handling sensitive payment data securely and addressing the protection gap for individuals who may lack conventional banking access. Carriers also lack insights into policyholder satisfaction with claim payments, making it hard to adjust processes for better retention. 

On the AgentSnap side, agency billing in commercial lines and E&S lines requires extensive manual labor, as agents must invoice, collect funds, calculate retention and remit net premiums. Premium financing further complicates these workflows, requiring agents to navigate multiple platforms daily.

How does Snap Refund take a unique approach to providing value?

ClaimSnap is built as a highly flexible, compliant and extensible platform that automates claim payments, either as a white-labeled solution or through our no-code dashboard. Our platform ensures compliance across states, handling payment method requirements and communication defaults seamlessly. It’s lightweight, enabling carrier clients to integrate within two weeks. 

For AgentSnap, we consolidate disparate agency systems into a single, centralized dashboard. This platform allows agents to invoice customers, receive payments and distribute funds up the stream automatically. It streamlines the entire back-office process, ensuring agents get paid their commission and carriers receive net premiums—all without manual intervention.

What inspired the team to start the company?

The idea started when my co-founder, Anis, saw a gap in access to financial literacy and tools, particularly for people from underserved backgrounds. Initially, we considered a peer-to-peer payment platform, but after exploring different business-facing payment flows, we identified major inefficiencies in the insurance industry. Conversations with industry stakeholders eventually led to the creation of ClaimSnap, and later, AgentSnap.

Can you share any goals that you have over the next 12 months?

Our primary goal is to grow SnapRefund to it’s next stage; reaching more insurers and agents and continuing to serve our mission. We aim to close our seed funding round, which will support our growth trajectory and enable further product development.

Scout InsurTech Thanks Its Presenting Partner

And Our Scout InsurTech Partners