UK insurtech Inzura raises $1m to accelerate international expansion
Backed by a host of insurance industry executives, the start-up provides software that enables insurers to launch digital services quickly
Inzura, a UK-headquartered insurtech business, has raised $1m in its first ever major funding round – after being backed by a whole host of insurance industry executives.
Backers included 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.
A cloud-based white label platform, Inzura allows insurers to launch apps that accelerate the digitisation of traditional insurance offerings in the face of small, nimbler start-ups.
The fresh funds will allow Inzura 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, and on-demand features allowing new business models.
It will also integrate Blockchain to simplify customer acquisition and retention.
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.
Richard Jelbert, CEO and co-founder of Inzura, said:
“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, personalised 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.”
Ian McWilliams, co-founder of Inzura, said:
“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.”
Julian Edwards, lead investor and founder of MCE Insurance, added:
“MCE is a tech-centric insurer and the market leader in motorcycle insurance in the UK. I immediately recognised how Inzura is transforming insurance distribution, customer engagement and data analytics.
“For me, investing in Inzura is a unique opportunity to support and work with the most exciting insurtech today.”