Inzura, the London-headquartered insurtech startup, announced the completion of its first major funding round, raising US$1 million to pursue its “ambitious growth plans.”
The funds will be used to accelerate new technology developments, which include:
- Machine learning and artificial intelligence (AI) to deliver insight into customer behavior and insurance needs
- Dynamic pricing to allow insurance products to adapt quickly to real-time data
- On-demand features allowing new business models.
“Our strategy is to help insurers engage with their customers via access to rich data from smartphones,” commented Richard Jelbert, CEO and co-founder of Inzura, which was founded in December 2015 to provide insurers with mobile-centric offerings that aim to accelerate the industry’s digitization.
“The next step is to use this rich data to deliver enhanced, personalized insurance services,” he added. “Customer demands are evolving rapidly, and our technology allows insurance providers to keep pace with that change, without having to rip out all legacy systems.”
He said that Inzura’s sales figures have doubled every year since the company was launched and this trend is expected “to continue as the business advances.”
The new investment will also enable Inzura to enhance delivery and support capacity worldwide. As well as hiring in the UK, Inzura will be bolstering its team in Asia to offer in-time-zone operations and support. The new team will be based in Singapore, and a substantial presence is also being built in Thailand to support numerous active projects.
Investors include insurance executives such as Julian Edwards, CEO of MCE Insurance; Michael Blaney, managing director of Autoline Insurance Group; Phil Bunker, partner in ABC Investors and former managing director of LV Broker; Paul Cosh, former director of Budget Insurance Group and Highway Insurance Group plc; and Hauw-Quek Soo Hoon, a Singapore-based investor.
“We’re hugely excited about fundamentally changing the way the insurance industry works,” said Ian McWilliams, co-founder of Inzura. “Inzura has created a strong international presence, especially in the Asian market, and major insurers in the region as well as global insurance firms are selecting us to drive their digital strategies.”
“I immediately recognized how Inzura is transforming insurance distribution, customer engagement and data analytics,” said lead investor Julian Edwards, CEO and founder of MCE Insurance, a tech-centric, motorcycle insurer in the UK. “For me investing in Inzura is a unique opportunity to support and work with the most exciting insurtech today.”
Inzura operates in both the UK and Asia where it already supports global brands such as Chubb, Sompo and Ageas.
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