Insify raises €15 million Series A round led by Accel to bring a new generation of business insurance to Europe's SMEs
Amsterdam, Netherlands, February 10th, 2022 - Insify, the end-to-end digital insurance platform designed for Europe’s entrepreneurs and SMEs, today announced that it has raised €15 million in Series A financing. Global venture firm Accel led the investment round and was joined by Visionaries Club as well as existing investors Frontline Ventures and Fly Ventures and angel investors from leading European fintech companies.
The market for European commercial insurance is worth over €150 billion yet Europe’s 25 million SMEs have long been underserved by legacy insurers. Today’s status quo is complicated policies offered through a network of intermediaries and offline manual processes which do not accurately capture the growing complexity of modern SME operations. This has only worsened as new entrepreneurs in particular shift to online services and demand the same seamless experience from insurers as they would from other service providers. The result is that many SMEs are stuck with policies which are overpriced, cumbersome, undifferentiated, and outdated, or worse, with no coverage at all.
Insify is transforming business insurance to make it simpler, faster and more affordable for entrepreneurs and SMEs. Through an intuitive end-to-end digital customer journey, Insify is able to offer SMEs a business insurance quote in as little as two minutes, rather than weeks or months with incumbents. Enhanced data analytics drawing on dozens of signals, as opposed to stale questionnaires, also ensures that coverage is tailored and individually priced for each business and automatically evolves with the business itself thanks to Insify’s continuous monitoring and underwriting technology.
Insify develops proprietary and tailored insurance products spanning business liability and professional indemnity to occupational disability cover, for entrepreneurs and small businesses in the e-commerce, leisure, construction, and IT sectors, among others, backed by Munich Re. Insify insures businesses through several channels, including direct online signup, embedded partnerships with e-commerce and fintech platforms, and via brokers who want to add a seamless offering for small businesses. Insify has grown rapidly in its first commercial year of operations, already protecting more than 1,500 small businesses in its initial market of the Netherlands.
The company was founded in 2020 by Koen Thijssen, who previously led Rocket Internet in Benelux and co-founded flower e-commerce business Bloomon (acquired by Bloom & Wild). Leaning on his experience as an entrepreneur, Koen and his highly experienced team have designed a customer journey and products that gives entrepreneurs peace of mind to focus on what they do best.
The investment will primarily be used to scale operations and headcount, and expand into new markets in Europe as well as enhancing its underwriting and data analytics capabilities.
Koen Thijssen, CEO and founder of Insify, said: “As an entrepreneur myself, I know firsthand that running a small business can be difficult at the best of times. The last thing business owners need is to be overextending themselves with convoluted insurance policies and dealing with excessive premiums. Insurance should be something that supports entrepreneurs, not overwhelms them. We designed our digital insurance platform with the entrepreneur and SMEs at its core. With our easy-to-use platform, we can deliver a tailored and accurately priced insurance policy to an entrepreneur’s inbox in as little as two minutes, giving them the peace of mind that they need to focus on their core business.”
Luca Bocchio, Partner at Accel, who joins Insify’s board, commented: “Legacy insurers have neglected European entrepreneurs and SMEs for years, providing them with a sub-par experience and overpriced premiums. Insify is challenging the status quo with a delightful and seamless end-to-end digital customer journey, underpinned by its world-class data analytics and continuous underwriting technology. It takes an entrepreneur to understand what entrepreneurs want and face everyday which is why I am confident that Koen and his excellent team will accomplish what they have set out to do; fundamentally transform how business insurance is accessed and offered across Europe.”