Luko, a France-based insurtech, announced on Monday it secured $60 million through its Series B investment round, which was led by EQT Ventures with participation Accel, Founders Fund, Speedinvest, and Orange Ventures. Launched in 2018, Luko claims it has reinvented home insurance with social responsibility and technology. The company claims to be the #1 neo-insurance company in France and has insured more than 60,000 homes.
Luko further revealed it has teamed up with re-insurers Munich Re and Swiss Re to build a new insurance model:
- An insurance without conflict of interest where money left over after claims goes to the NGO chosen by the insuree
- Lighting fast and efficient claim processes
- Based on prevention with smart devices to avoid damages
The company further revealed it is still developing its smart sensors and is needing to prove them before launching them to European homes.
“We intended to deploy Luko in Europe in 2020 but Covid-19 delayed our plans. European homes will have to wait until 2021.”
Luko then revealed:
“We manage claims and refund our customers twice as fast as traditional insurers. But we still face delays when we need to fall back on partners experts networks. This ruins the user experience our customers deserve, hence we’re actively working on creating our own experts network to provide faster and higher qualitative expertises.”
Funds from the Series B round will be used to continue the development of the Luko products and platform.