UK insurech Inzura secures £1m funding from industry leaders

UK-based insurtech firm Inzura.ai has raised a further £1 million in a pre-A funding from insurance industry leaders, following a  seed investment round in early 2018 and growth in the UK and South East Asian markets.

The investors include Phil Bunker - former managing director of LV and NIG, Michael Blaney - founder of Autoline, Julian Edwards - chief executive of MCE, and Paul Cosh - former director of Budget & Highway.

The new funds will be used for ongoing research and development in data analysis, including machine learning and artificial intelligence (AI) for dynamic pricing. The start-up will also hire additional sales and support staff for the UK, Singapore, Thailand and Indonesia.

Inzura works with brokers and insurers to deliver enhanced digital versions of their insurance products through smartphone apps, leveraging telematics, integrated dashcams and AI.

Inzura.ai chief executive and co-founder Richard Jelbert, said: “Digital transformation is underway across the insurance industry and we make this process as rapid and simple as possible. Our data-rich platform enables products to constantly evolve.

"We are currently working with global insurance brands and brokers to deliver enhanced and personalised insurance services to their customers, without having to replace legacy systems. We have exciting growth plans for Inzura. We have already created a strong international presence with major global insurers selecting us to deliver their digital strategies.”

Edwards, investor in Inzura and chief executive of MCE Insurance, said: “I continue to be hugely impressed with the Inzura team and their approach to modernising insurance. Inzura represents an impressive investment opportunity for myself and the other experienced investors in this round.”