A UK insurtech startup has raised $1m for global expansion
Backed by top insurance executives, an UK-headquartered insurtech, Inzura, has raised $1m for global expansion. The startup raised the sum in its first ever major funding round, which it will use to accelerate international expansion. The initiative by the startup is backed by MCE Insurance CEO Julian Edwards, Autoline Insurance Group MD Michael Blaney, ABC Investors partner and former MD of LV Broker Phil Bunker, former director of Budget Insurance Group and Highway Insurance Group plc. Paul Cosh and a Singapore-based investor Hauw-Quek Soo Hoon.
Insurers can use the cloud-based white label platform to launch apps that accelerate the digitisation of traditional insurance offerings in the face of small, nimbler start-ups. Now, using the new funds, Inzura will be able to accelerate new technology developments such as machine learning and AI to deliver insight into customer behaviour and insurance needs, dynamic pricing to allow insurance products to adapt quickly to real-time data, on-demand features allowing new business models and enable Inzura to enhance delivery and support capacity worldwide. It will also integrate Blockchain to simplify customer acquisition and retention.
The startup will also hire in the UK and strengthen its team in Asia, which will be based in Singapore as well as have a presence in Thailand, and offer in-time-zone operations and support a number of projects.
The CEO and co-founder of Inzura, Richard Jelbert said the company’s strategy is to help insurers engage with their customers via access to rich data from smartphones. The next step is to use this rich data to deliver enhanced, personalised insurance services. Customer demands are evolving rapidly, and that its technology allows insurance providers to keep pace with that change, without having to rip out all legacy systems. He added that Inzura’s sales figures have doubled year on year since it started, and it expects this trend to continue as the business advances.
The co-founder of Inzura, Ian McWilliams said the company is hugely excited about fundamentally changing the way the insurance industry works. 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 it to drive their digital strategies.
The lead investor and founder of MCE Insurance, Julian Edwards added that MCE is a tech-centric insurer and the market leader in motorcycle insurance in the UK. Edwards said that he immediately recognised how Inzura is transforming insurance distribution, customer engagement and data analytics. He added that investing in Inzura is a unique opportunity to support and work with the most exciting insurtech today.
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