Insurtech Ignatica secures US$7m for digital admin platform
Specifically, the company’s platform utilises:
- Open APIs
- 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.
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,” .
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
Akur8’s US$30mn Series B to fuel US and APAC expansion
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 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