London insurtech Aventus secures £2.6m funding
Aventus, a London-based B2B insurtech business and insurance operating system originally created for the MGA Homelyfe, has closed a £2.6m funding led by Outward VC and Notion Capital with participation from TriplePoint and Downing Ventures.
The new investment will be used to scale up the business.
Aventus claims its modular insurance operating system allows insurers to create policies and automatically quote and bind in under a minute. The system drives greater efficiencies for insurers by combining policy administration and CRM in one place, whilst leveraging multiple data sources to deliver quotes at speed and automate bordereaux and binder management.
Peter Goodman, co-founder and CEO of both Homelyfe and Aventus, commented: “We’re delighted to secure this round of investment for Aventus which will allow us to scale up the business to the next level. For insurers, many of the best in class technologies for distribution, marketing, customer relationship management and payments lack 'insurance”' specific features. The Aventus operating system bridges that gap so that insurers – whether incumbent or start-up – can innovate faster, drive up premium revenue, drive down their technology costs and create a seamless buying experience for any insurance line, in any digital environment, at start-up speed. It has been a major success story for Homelyfe and now other MGAs are accessing the same affordable benefits.”
Sam White, CEO & founder of Freedom Services Group, and Pukka Insure, who has been involved with Aventus since its launch in 2018, said: “We work with Aventus because it gives us the ability to use data to improve the customer journey and increase conversion rates, shortening question sets and enabling us as an insurance business to differentiate ourselves from the competition.”
Kevin Chong, co-head of Outward VC, said: “We believe insurance, like other areas of fintech, is shifting from ‘Build vs Buy’ to an operating system approach. Aventus’s flexible and cost-effective insurance operating system enables insurers to quickly innovate their products and distribution channels in a world where consumers now take real time accessibility and convenience for granted.”
