Zelros attracts $11m in funding drive
The drive was led by the Silicone Valley-based Benhamou Global Ventures (BVG) alons with ISAI Cap Venture, and Plug and Play.
The round means Zelros has raised a total of $16.5m since it was founded in 2016. The funds will be used to expand the insurtech’s presence in Europe and North America, including a branch office in Montreal, which is set to open later this year.
Zelros provides a technology service to insurers who can then better serve their clients with the support of Artificial Intelligence (AI) and Machine Learning (ML). Current functionalities of their platform are augmented sales and predictive claim management.
The company operates from an AI-driven platform that reviews insurance claims, quotes and underwriting data, and then makes recommendations. In 2020, it reviewed more than 20 million insurance policies that generated more than two million personalised recommendations.
The funds will also be used to further develop the platform’s AI technology offerings and services. Currently, Zelros’s business platform learns and adapts in real time to help insurers achieve a measure of automation in matching potential customers with products and services as well as underwriting policies.
AI and insurtechs
The startup promotes its AI-based software as able to ingest a variety of data, including structured customer information, claims and quotes, along with unstructured data such as voice and email communications. Earlier this month, Zelros also announced the release of its “” standard report.
Along with large European insurers, Zelros is partnered with industry regulators on transparent AI applications. The company published the for the ethical use of AI. The study predicts thousands of machine learning algorithms handling business processes ranging from sales and customer support to hiring and purchasing.
The insurtech’s AI-based software is able to analyse a wide spectrum of data, including structured customer information, claims and quotes, along with unstructured data such as voice and email communications.
The Zelros Voice2Insights feature even analyzes conversations between advisors and policyholders in real-time, enabling the insurance agent to adapt recommendations to meet the specific needs of their customers. The platform also uses machine vision tools to automatically read and create insights documents that detect potential fraud while maintaining regulatory compliance.
director of pre-sales, customer success and partnerships, said, "Process automation will be a key trend going forward for insurers to gain trust from customers, by providing immediate answers while ideally positioning them on new distribution platforms.”
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