Apr 19, 2021

Insurtech Ignatica secures US$7m for digital admin platform

Ignatica
Insurtech
Digital
Insurance
William Girling
2 min
Hong Kong-based insurtech Ignatica has reportedly secured $7m for the development of its digital self-service and intelligent automation platform
Hong Kong-based insurtech Ignatica has reportedly secured $7m for the development of its digital self-service and intelligent automation platform...

Claiming to change insurance “with the same technology that Netflix and Amazon used to change your world,” Ignatica is striving to bring a distinctly 21st century approach to insurance.

Specifically, the company’s platform utilises:

  • Microservices
  • Open APIs
  • Cloud
  • Distributed ledger
  • Advanced analytics

These technologies combine to produce greater efficiency, transparency and flexibility than what is possible from using legacy systems. Therefore, insurers can build and launch new products faster and more cheaply than before. 

Underpinning this is the highly experienced Ignatica executive team, comprising former Willis Towers Watson, Manulife, and AXA employees, as well as others.

Insurance: A transforming industry

Founded in 2018, Ignatica is now gaining momentum at a time of significant transformation for the insurance industry. 

Ling Feng Capital led the $7m round, with other APAC backers including Artesian and AFG Fund, as well as the US-based SOSV Investment Funds.

Manuel San Miguel, CEO and Co-Founder of Ignatica, appeared to consider the industry’s rapid evolution since the pandemic to be important to the company’s development.

“The insurance industry is going through an era of unprecedented transformation, with consumers seeking the convenience of buying and interacting with insurance services easily with nothing more than their mobile phone,” he said.

McKinsey & Co drew a similar conclusion: product innovation will be crucial for the Asian market’s continued profitability, particularly owing to its distinct characteristics such as a rapidly aging population. 

Therefore, it advocated for the evolution of basic tech infrastructure to provide much-needed agility and leveraging customer insights to create products moulded to their needs. 

Taking this approach will make partnering with Ignatica an asset in Asia, but also further afield in North American and Europe, where Travis Callahan, President, indicated the company will expand to using its new funds. 

Image source: Ignatica

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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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