Qover raises US$25m for its digital insurance revolution
Headquartered in Brussels, was founded in 2016 on the realisation that modern insurance must integrate digital tech if it’s to serve customers effectively. As such, its creators launched the world’s first ‘insurance as a service’ platform for use on a global scale.
Fully digital native, capable of being seamlessly integrated via a suite of Open APIs, competitively priced, data-driven, and providing a one-stop-shop for all insurance needs, the company has already seen very positive results:
- One million people covered
- Available in 32 countries
- 95% customer satisfaction score
Bringing innovation to insurance
In December 2020, Qover its partnership with UK challenger bank . One of Europe’s foremost fintechs, the bank’s decision to leverage and embed Qover’s solutions forms part of its ongoing capacity expansion to become a bona fide super-app.
Qover itself is reportedly now planning an expansion of its own, both in Europe and the world. In particular, the company will be focusing on recruiting business development and marketing specialists to drive sales.
“Our mission is to connect all the platforms to our fully embedded insurance solution. This new fund will boost our ability to respond to the needs of an exploding market and continue to innovate in providing seamless digital experiences.”
Margaret Perchik, Principal at Prime Ventures, noted that Qover is bucking a longstanding insurance industry trend, namely the seeming reluctance to innovate or move beyond tradition:
“Qover has built up a technology stack that allows them to launch and embed almost any insurance product and offer it across borders quickly and reliably, making them a trusted partner to both the digital economy and incumbent insurers.
“The business has seen phenomenal growth over the past year, signing landmark customers across a number of high growth verticals and we are thrilled to be backing Quentin and Jean-Charles on their journey to scale globally.”
Pictured: Jean Charles Velge, Co-Founder (left) and Quentin Colmant, CEO and Co-Founder (right)
Image source: Qover
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