Last week, London-based insurtech firm Inzura announced it secured a $1 million investment, which will enable the company to continue its international expansion. Founded in 2015, Inzura stated it offers a cloud-based platform as a service (PaaS) and white-label mobile apps that are designed to enable insurers to quickly launch digital insurance products.
“Our initial focus is in the motor insurance sector with app based telematics, but our platform transfers seamlessly to wider insurance categories. Our business model is to charge monthly user fees plus customisation and setup fees per project. We have live customers in the market today.”
While sharing more details about the company, Richard Jelbert, CEO and Co-Founder of Inzura, stated:
“Our 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, personalized insurance services. 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. Inzura’s sales figures have doubled year on year since we started, and we expect this trend to continue as the business advances.”
The funds will be used to accelerate new technology developments, which includes machine learning and AI to deliver insight into customer behavior and insurance needs; dynamic pricing to allow insurance products to adapt quickly to real-time data; and on-demand features allowing new business models. 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 company will integrate Blockchain to simplify customer acquisition and retention. Ian McWilliams, co-founder of Inzura, added:
“We’re 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 us to drive their digital strategies.”
Investors include insurance executives such as Julian Edwards, CEO of MCE Insurance, Michael Blaney, MD of Autoline Insurance Group; Phil Bunker, Partner in ABC Investors and former MD 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.