Nov 18, 2020

Comparison insurtech Turtlemint secures $30m in Series D

Insurtech
Turtlemint
GGV Capital
APAC
William Girling
2 min
Mumbai-based insurtech Turtlemint has reportedly raised over US$30m in its latest Series D funding round
Mumbai-based insurtech Turtlemint has reportedly raised over US$30m in its latest Series D funding round...

Mumbai-based insurtech Turtlemint has reportedly raised over US$30m in its latest Series D funding round.

The company, which allows customers to browse and compare insurance policies for life, health, bike and car cover, was founded in 2015 and champions a simple, paperless and transparent user experience. So far, it has compared over 30 million quotes and sold in excess of 10 million policies.

Clearly able to sense the profitable incentive to disrupt the financial services sector with this distinctly insurtech operating style, Turtlemint has been able to attract several new investors for this round, including American Family Ventures and MassMutual Ventures.

These join Sequoia India and GGV Capital, the latter of which led the round itself.

Broadening insurance

In an interview with the Economic Times, Dhirendra Mahyavanshi, Co-Founder of Turtlemint, emphasised the importance of fostering receptiveness to insurance among India’s populace.

“With insurance penetration at just under 3.5%, among the lowest in the world, there is a huge need and opportunity for the insurance sector to grow fast in India. This requires the creation of skilled manpower in every part of the country.

“For over five years Turtlemint, through its PoSP (Point of Sales Person) model, has been empowering insurance advisors in metros, cities, and towns across India. We plan on investing in key focus-areas, which include expanding our advisors,” he said.

This recalls the aims of other insurtech projects that are springing up across the APAC region, such as PasarPolis in Indonesia.

A country with an ‘adult insurance literacy’ rate of just 15.8% in a population of approximately 273 million, this discrepancy represents the ideological battle for financial inclusion in a new, tech enabled and digitally driven market.

Insurtech continues to be an equalising force for historically underrepresented communities, as well as those not best served by their incumbent institutions. For an overview of the world’s largest operating companies in this space, check out our Top 10 insurtech unicorns list.

Image credit: Turtlemint

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Jun 18, 2021

Akur8’s US$30mn Series B to fuel US and APAC expansion

Insurtech
akur8
AI
Insurance
2 min
Parisian insurtech Akur8 has raised $30mn in a Series B round, capital which will be used as it expands out of the EU and into the US and APAC markets

Still a relatively new company in the sector, Akur8’s progress since it was founded in 2018 has been characterised by cutting-edge tech, strategic growth, and a highly personable approach that clearly demonstrates the youthful innovation of insurtech itself.

The company strives to embody four key values:

  • Challenging a status quo that doesn’t benefit customers
  • “Disrupt the known, organise the unknown”
  • Provide artificial intelligence (AI) tech with a distinctly human edge
  • Create solutions that will endure the test of time

At the heart of Akur8’s business is its Transparent AI solution. Capable of empowering actuaries and pricing teams through better, faster decision making, the insurtech touts it as “the only solution that automates rate modeling while keeping full transparency and control.”

 

 

Transforming insurance pricing

In just two years, Akur8 has acquired over 30 customers in 10 countries - including high-profile insurers like Munich Re, Tokio Marine Kiln, AXA, and Generali - and established additional offices in London and New York. Now, the company is keen to develop its business in the US’ verdant insurance market and build its presence in APAC.

The Series B round, which comes just over a year after Akur8’s $12mn Series A, was co-led by returning investors BlackFin Capital Partners and MTech Capital.

“The BlackFin team is thrilled to see Akur8 continue to spread its wings and deploy its next generation pricing platform across insurance carriers worldwide,” said Julien Creuzé, Partner. “We have built a great relationship with the Akur8 management team and it’s a pleasure to welcome new investors and continue this journey with them.”

Guillaume Beraud-Sudreau, Co-Founder and Chief Actuary at Akur8, added, “We are humbled by the trust that our clients and investors have placed in Akur8. Building the future of insurance pricing powered by Transparent AI has been our goal since the first day of R&D. Now this vision has become reality and we can’t wait to accelerate our growth to become the global reference in insurance pricing.”

Cover image source: Akur8

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