Mar 16, 2021

Self-service insurtech: Who is GloveBox?

GloveBox
Insurtech
Insurance
MercatoPartners
William Girling
2 min
Self-service insurtech: Who is GloveBox?
Insurtech GlobeBox recently secured $3m in seed funding for its self-service platform. Here, we explore the newcomer and what its solution could offer...

Labelled as “by agents, for agents,” GlobeBox is an insurtech striving to provide a seamless and integrated self-service platform for insurance customers. From a single portal, they will be able to:

  • Access policies
  • Pay bills
  • Start a claim
  • Request a quote

Furthermore, clients will gain access to a full list of carriers, with which they can then add, register, and connect. The GloveBox website states that the platform is currently available for monthly licensing, starting at US$150. 

Funding a new approach to insurance

The Denver-based company’s origins date back to when co-founders Andy Mathisen, Ryan Mathisen, Sean Mulhern and Alex Rolex met while working at Colorado Insurance. The four eventually decided to found their own venture in 2019.

A seed funding round led by Mercato Partners’ Prelude Fund and backed by Heffernan Insurance Brokers subsequently took place on 12 March, netting $3m.

Ryan Mathisen, CEO, spoke with Crunchbase News and said, “We saw the pains of running a business and got sick of the trickle-down effect of technology in the insurance space and wanted to build something for clients.”

Zach Sivertson, Managing Director of the Prelude Fund, stated that Mercato Partners immediately recognised the potential of GloveBox’s platform, “That is really powerful from our perspective. Technology in the insurance space is so neglected, and there is so much opportunity for change.”

On this latter point, Mathisen particularly agreed, “Insurtech is the next fintech. You can see how it is evolving, and insurtech is next.”

Insurtech is on the rise

Indeed, it’s hard to disagree with Sivertson and Mathisen’s perspective; insurtech investment scored one its best years in 2020, and sector premiums are currently predicted to exceed $566bn by 2025.

Moreover, the development and expansion of key startups are happening at an accelerated rate. In the last three months alone:

GloveBox is gaining traction at an incredibly exciting time in the insurtech market. Customers are actively seeking a new, digital tech-infused experience from their products and services; the company could be on the brink of ushering in new innovation to a sector decidedly not lacking in this regard.

Image credit: GloveBox

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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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