Swedish open insurance insurtech ‘Insurely’ plans expansion
Open insurance is based on the premise of unlocking data and allowing insurers to offer more bespoke products, an optimised customer onboarding experience, more affordable pricing, and greater customer-centricity.
“There is a real spike in demand for innovative API solutions tailored for the insurance industry and we're now gearing up to scale our business and support more players within the European insurance market. With open insurance taking off, I expect us to grow our business by as much as five times this year alone.”
Creating transparency and opportunity
This latest funding round was led by Swedish VC firm (now its main investor) and represents a major step forward in terms of funding; prior to this, Insurely had accumulated €0.5m in pre-seed capital from several angel investors.
“Insurely is creating open insurance, which, in the same way as open banking, creates a completely new transparency and opportunity for personalisation within the insurance industry,” stated Jacob Key, Founding Partner at Luminar Ventures.
“In a short period of time, the team has proven that they can develop innovative API-based solutions and onboard paying customers in an otherwise rather non-digitised industry. We look forward to supporting Insurely to continue breaking new grounds and establish open insurance internationally.”
It is not yet known which particular countries will be included in Insurley’s expansion plan, although Europe will apparently serve as its regional focus. The company will also be seeking to double its staff and place increased emphasis on product development and partnership building.
The proven effectiveness of Insurley’s platform could ease these goals in particular. Einemo added, “some of our current clients have been able to double their conversion rate on their site while [others] have seen an increase in their online sales by up to 30%.”
Photo: Co-founders from left to right:Johan Forsman, Eric Sevelius, Lotta Rauséus, Martin Einemo (Credit: Insurely)
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