Insurtech Ignatica secures US$7m for digital admin platform

By William Girling
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


Featured Articles

Insurtech unicorn bolttech takes on extra $50m in funding

Insurtech unicorn bolttech has taken on an extra US$50m in funding from Leapfrog Investments as part of the insurtech's Series B extension

Allianz wants to 'lead by example' with new net-zero targets

Allianz has said it wants to "lead by example" after announcing ambitious new targets to make its investment and underwriting portfolios net zero

Insurtech pricing solution Akur8 seals $25m in fresh funding

Akur8, whose insurtech solution is used by actuaries to build pricing models across all insurance lines, has received backing from Guidewire and FinTLV

Beazley launches tornado parametric insurance using NWS data


Alex Dalyac: Founding AI-based insurtech Tractable

Technology & AI

Saudi Arabia: 'solid' framework to guide insurtech sector