Insify Secures Additional $10.7 Million to Fuel Growth of Its Business Insurance Platform

Amsterdam-based Insurtech Startup Insify Secures €10 Million in Series A Funding Extension

Insify, an Amsterdam-based insurtech startup, has successfully completed its Series A funding round with an additional €10 million ($10.7 million at today’s exchange rate). This brings the total amount raised by the company to €25 million ($26.7 million) as part of its Series A round.

The extension round is led by Munich Re Ventures, the venture capital division of the large reinsurance company. Insify has been working with Munich Re for its insurance products, which speaks to the strong relationship between the two companies.

Existing Investors Reinvest and New Investors Join

In addition to Munich Re Ventures, existing investors Accel, Frontline Ventures, and Berlin’s Visionaries Club are also investing in the extension round. This shows that Insify has a solid foundation of support from its early backers. Moreover, new investors have joined the fold, including Formula 1 World Champion Nico Rosberg and Opera Tech Ventures.

Addressing the Long Tail of Business Insurance

Insify addresses the long tail of the business insurance market, which typically caters to big companies with plenty of options when it comes to insurance products. However, for freelancers and small companies with a handful of employees, the experience is often lacking. As a result, these businesses are often underinsured or don’t have any insurance at all.

Many businesses could benefit from professional or corporate liability insurance, or some form of coverage in case they can no longer work. Insify’s mission is to provide a better insurance solution for this segment of the market.

Founder and CEO Koen Thijssen Shares Insights

As an entrepreneur himself, founder and CEO Koen Thijssen understands firsthand how SMEs are underserved when it comes to business insurance. He notes that many legacy providers fail to offer a digital-friendly, streamlined, and competitive offering, resulting in many businesses going without cover.

Thijssen’s statement highlights the need for better insurance solutions from freelancers and SMEs across the continent. With Insify, small companies can get a quote directly from the company’s website, making it easier for them to find the right coverage.

Advanced Analytics and Customer Cost Acquisition

In addition to the online form, Insify uses advanced analytics to gather additional information about potential customers. This approach aims to lower customer cost acquisition, making it more feasible for this segment of the market.

Since my last post on the company in February 2022, Insify has grown from 1,500 clients to 10,000. The startup’s insurance products are now available not only in the Netherlands but also in France and Germany.

Expanding Reach and Impact

Insify’s growth is a testament to its innovative approach to business insurance. By addressing the long tail of the market and providing better solutions for freelancers and SMEs, Insify is making a positive impact on the industry.

With this additional funding, Insify will continue to expand its reach and develop more tailored solutions for its customers. As the insurtech landscape continues to evolve, it’s exciting to see startups like Insify pushing the boundaries of what’s possible in the insurance space.

Insify at a Glance

Insify is an Amsterdam-based insurtech startup that addresses the long tail of the business insurance market.
The company has raised €25 million ($26.7 million) as part of its Series A round, with Munich Re Ventures leading the extension round.
Insify’s mission is to provide better insurance solutions for freelancers and SMEs across the continent.
The startup uses advanced analytics to gather additional information about potential customers, aiming to lower customer cost acquisition.

Insurtech Market Trends

The insurtech market has seen significant growth in recent years, with startups like Insify at the forefront of innovation. Some key trends in the industry include:

Digitalization: The use of digital tools and platforms to streamline insurance processes and improve customer experience.
Data analytics: The application of advanced analytics to gather insights on potential customers and develop more targeted solutions.
Freelance and SME focus: Startups like Insify are addressing the long tail of the market, providing better solutions for freelancers and SMEs.

Conclusion

Insify’s Series A funding extension is a significant milestone in its journey as an insurtech startup. With this additional investment, the company will continue to expand its reach and develop more innovative solutions for its customers. As the insurtech landscape continues to evolve, it’s exciting to see startups like Insify pushing the boundaries of what’s possible in the insurance space.

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