Insurtech company, Insurely has announced it has successfully secured EUR 2.5 million in new funding. The financial round was led by well-renowned Swedish Venture Capital firm, Luminar Ventures. The new funding will support Insurely’s continued growth by recruiting new talent and expanding operations to more markets in Europe.
Insurely is on a mission to digitise the insurance market in Sweden and beyond by introducing innovative API’s and easy-to-use solutions for Open Insurance. With Insurely’s solutions, companies can create effective services for switching insurance contracts, as well as enabling insurance in their personal finance management apps and more.
“There is a real spike in demand for innovative API solutions tailored for the insurance industry and we’re now gearing up to scale our business and support more players within the European insurance market. With Open Insurance taking off, I expect us to grow our business by as much as five times this year alone. We´re also looking to double our team with new recruits, especially within product development and partnerships,” said Martin Einemo, CEO and Co-Founder of Insurely.
The company has raised EUR 0,5 million in pre-seed capital from angel investors to date — including Elias Jacobson, former CEO of the groundbreaking Swedish AI company Peltarion, Robert Chirico Willstedt, Co-founder of the Swedish mobile game Quizduel, Emanuel Lipschütz, founder of and CTO at Netsafe and Mikael Karlsson, founder of MW group. Luminar Ventures is now joining the company as its main investor.
“Insurely is creating Open Insurance, which, in the same way as Open Banking, creates completely new transparency and opportunity for personalisation within the insurance industry. In a short period of time, the team has proven that they can develop innovative API-based solutions and onboard paying customers in an otherwise rather non-digitised industry. We look forward to supporting Insurely to continue breaking new grounds and establish Open Insurance internationally,” said Jacob Key, Founding Partner at Luminar Ventures.
The company’s Open Insurance platform with dynamic API integrations makes it possible for insurers and financial players to access real-time data from as much as 95 per cent of the Swedish insurance market. “By offering clients the ability to obtain high-quality insurance data, our solutions can support them to personalise and streamline the customer onboarding journey, optimise pricing and create more consumer-centric products,” Martin Einemo comments.
Several major Swedish insurance players like ICA Försäkringar, part of one of the largest grocery retail stores in Sweden and the insurance challenger Hedvig are already using Insurely’s platform. One of the most used applications is a solution that allows for end-users to compare their existing insurance policies with new offerings, which has proven to increase both conversion and user engagement.
“We’re already seeing some significant results from the use of our API solutions — some of our current clients have been able to double their conversion rate on their site while some clients have seen an increase in their online sales by up to 30 per cent,” said Martin Einemo.
Besides white-labelled API solutions Insurely also offers an end-consumer app, which today is supporting almost a hundred thousand users to get better information by providing an overview of existing insurance policies, terms and costs.