An InsurTech company has successfully closed an €8 million (£7.8m) Series A funding round to advance its expansion across Europe.
The primary investor in this seed round is Kamet, associated with a leading InsurTech start-up studio. This latest infusion of capital brings the company’s total funds raised to date to €10.3 million (±$12 million).
The firm is revolutionising the insurance market by enabling online businesses to develop and offer tailored protection services suited to the digital era. For instance, an online travel agent (OTA) can provide insurance for missed flight connections due to delays or cancellations. In such cases, the platform sends an automated SMS to customers on behalf of the OTA, informing them of a full refund and offering alternative flight options. Similarly, a ski holiday operator can insure against insufficient snow, fully automating payments and eliminating the claims process hassle for customers.
In the contemporary digital landscape, consumers demand services that cater specifically to their needs, offering an exceptional customer experience. Consumers need to buy protection for certain assets but are increasingly reluctant to invest in irrelevant insurance products. The platform addresses this issue by empowering businesses to easily integrate bespoke, straightforward insurance products directly into the customer journey. This approach provides businesses with one-click underwriting on their digital assets and personalised protection with automatic compensation for consumers.
The InsurTech platform is highly scalable and covers risks associated with external events that could disrupt the customer experience. Insurance companies partnering with the firm benefit from collaborating with top marketers who design and distribute innovative, consumer-centric protections.
Guillaume Borie, a chief innovation officer, stated, “Our investment supports the strategy to build more impactful insurance platforms, focusing on innovation and becoming a partner for the end customer. The platform allows digital businesses to create automated, relevant insurance types for consumers, leveraging our expertise to build an exceptional on-demand platform that will future-proof its clients’ businesses.”
Co-CEO Noam Shapira explained, “The name symbolises the simplicity and speed of creating new protection products using our platform. This investment is crucial for our expansion across the EU and the development of additional products to empower more businesses to control their insurance offerings.”
The significant investment marks a pivotal moment for the firm, enabling it to extend its reach across Europe and innovate further in the InsurTech space.
