UK insurtech Inzura raises $1m as it expands internationally
UK-based insurtech firm Inzura has completed its first major funding round raising $1 million in funds.
Inzura offers insurers mobile-centric tools designed to accelerate the digitisation of the industry, enabling insurers to maximise user engagement and company profits, according to a Jan. 31 press release. Providing software-as-a-service, Inzura enables insurers to launch digital services and implement long-term digital strategies. Inzura operates in both the UK and Asia where it supports global brands including Chubb, Sompo and Ageas.
Inzura will use the new investment to accelerate technology developments. These include machine learning and artificial intelligence (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. Inzura will also integrate blockchain to simplify customer acquisition and retention.
“Our strategy is to help insurers engage with their customers via access to rich data from smartphones,” said Richard Jelbert, CEO and co-founder of Inzura. “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.”
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.
Investors include insurance executives such as Julian Edwards, CEO of MCE Insurance, Michael Blaney, managing director of Autoline Insurance Group, and Phil Bunker, partner in ABC Investors.
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