Feb 12, 2021

Solving insurance’s distribution problem: Who is Briza?

Briza
Insurtech
insurancedistribution
SeriesA
William Girling
2 min
Solving insurance’s distribution problem: Who is Briza?
Toronto-based insurtech Briza has closed $8m in new funding to accelerate its mission of solving the distribution problems present in modern insurance...

Founded in 2016, Briza’s approach consists of integrating with top-rated insurers in order to generate customer data, deliver instant quotes, and secure business insurance online, all in real-time.

The company’s tools are applicable for agencies, wholesalers and e-commerce channels, and can help bring commercial insurance to customers who require it in seconds.

Central to this delivery is its unified API that performs the “heavy lifting” of unifying multiple carrier APIs into a single platform that can be used for all the user’s insurance needs. Its features include:

  • REST-based JSON API
  • Software Development Kits and Open-API specs for faster implementation
  • Thorough testing and tech maintenance to ensure ongoing quality

Briza closes its Series A funding round

Led by Investment Group of Santa Barbara, Briza’s Series A round managed to close $8m in new funds. This brings the company’s total up to $11m (it previously raised $3m in a March 2020 seed round.)

Ben Munro, Co-Founder and CEO, explained that the money would be used to accelerate Briza’s goal of solving insurance’s distribution problem:

“When an insurer invests the time and capital necessary to build an API, that’s just the beginning; they must now manage relationships with thousands of developers at retailers, wholesalers, insurance platforms, and small business software vendors. It’s a massive undertaking. 

“A single API from a carrier only gets you that carrier’s appetite; Briza’s API gives developers a whole marketplace of appetites for small commercial insurance,” he said.   

Having used its seed funding to expand from 10 employees to 25, it’s probably safe to imagine that Briza’s plans for the future will involve further growth and scaling.

Its success at filling an important hole in the market indicates that demand for its services will only intensify as insurance shifts to digital. This is certainly the view of Ian Martin-Katz, Partner at Investment Group of Santa Barbara:

“Briza’s platform can empower existing channels of commercial insurance distribution and unlock new ones. We’re thrilled to support Briza as it delivers value to its partners in the commercial insurance ecosystem, including brokers, wholesalers, carriers and software developers.”

Image credit: Briza

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Jun 11, 2021

SLK Software: Optimising performance in the digital economy

SLKSoftware
AI
Automation
CNAInsurance
2 min
Recently featured in our profile of CNA Insurance, we take a closer look at how SLK Software is powering disruption in the digital era

Established in 2000 in Bengaluru, India, SLK Software recognises that fast-paced digital transformation is creating an unprecedentedly fertile period of opportunity for global businesses.

As such, with a firm belief in the power of simplification and automation to yield new and exciting experiences, the company has been challenging the status quo for over 20 years through an approach that is:

  • Relationship oriented
  • Strategically focused on a desired outcome
  • Reliant on automation tech

Believing in purposeful automation

SLK’s specialisation in automation tech is full spectrum: artificial intelligence (AI) and machine learning (ML), Computer Vision, Natural Language Processing (NLP), Robotic Process Automation (RPA), and more, are all part of its core competencies. 

Citing 90% productivity improvements, 30% business growth through better customer experiences, and up to 20x faster go-to-market capabilities, the reasons for its focus are clear.

The company currently serves the banking, financial services, insurance, retirement services, M&A, manufacturing, and supply chain sectors. Solutions offered include:

Accelerating workflow processes

In addition to these services, SLK offers three products/platforms: Avo Assist - RPA, Avo Assure - Test Automation, and Avo Discover - Process Discovery.

 

 

The latter is a tool specifically calibrated to enable business users an easy method for capturing document processes. This can occur across any application, with these individual tasks then seamlessly combined for both improved compliance and governance. 

Carol Castelloni, VP of Transformation at CNA Insurance, highlighted this as providing critical support in helping the company meet its business objectives:

“SLK’s Avo Discover tool accelerates how we can document workflow processes, measure impacts on enhancements, and identifies future automation opportunities.” Liberated from having to focus on these process-driven aspects of business, CNA Insurance has been able to refocus its attention on creative problem-solving instead.

Ultimately, this is the most important benefit that SLK brings: it optimises the back end so that clients can channel their energy towards what matters the most, customers.

Read more about SLK Software and CNA Insurance in the June 2021 edition of FinTech Magazine.

Pictured: SLK Software team (source)

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