Paper, which claims that it is focused on bringing the insurance industry into the 21st century, has secured 101% (£152,615.27) of its £152,000.00 target (at the time of writing) via Crowdcube from 102 investors and has 16 days left in its crowdfunding campaign.
Located in the UK, the firm reports a pre-money valuation of £3,080,000; a £2.15 share price; 4.72% Equity; EIS.
As noted in the update, B2B software suite “enables small- to medium-sized insurance companies to digitalise their processes, leading to greatly improved customer experience, a removal of paperwork, accurate data collection and savings of time a removal of paperwork, accurate data collection and savings of time and money.”
Here are the business highlights:
- Proven insuretech team / board – with a recent exit in 2020
- First customers onboarded
- Paper’s intelligent AI makes applying for insurance easier than eve
- Paper estimates an average business customer could save 6 tons of CO2/annum
As clarified by the firm, £60,000 of funds on the progress bar “represent funds raised by the Company prior to launching the campaign.” The company has already “received these funds and the Company has indicated up to £24,000 may be spent whilst the pitch is live.”
Completion of the Crowdcube raise “will occur on the same material terms and share price as this investment,” the announcement confirmed.
As mentioned in the update, only 29% of insurance premiums (in 2021) in the UK were processed digitally. That figure was “even lower in the US at 18%.” Paper’s mission is “to bring this bureaucratic industry into the 21st century.”
Many insurers and agents are “behind the digital curve.” They are now “required to capture a greater number of data points, while providing a seamless digital experience to their customers.”
The firm noted that they founded Paper in 2019 “to provide insurance agents and brokers an easy-to-use SaaS product that digitizes the process end-to-end.” The paper app “allows customers to take photos of their asset and then Paper’s customized AI will select the relevant details in order to help build an insurance policy.”
These customers can easily “apply for and manage their insurance policies, paper-free.”
As well as the environmental benefits, Paper has been designed for agencies “to process policies much more quickly – and analyze their customer data more effectively.”
Paper earns revenue “through a hybrid model, they already have three paying clients, and our product has the potential to save thousands of man hours per year.”
The team has “grown to 5 with experience from IG, Thoughtworks, Macquarie Bank and a Lloyd’s broker.”
They are fundraising to build their sales team, “continue to improve tech functionality, and broaden the product set to accommodate medical, travel and other insurance types.”
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