UK InsurTech startup Brolly has closed a £1m Seed round led by Valar Ventures and Pi Labs.
Other investors in the round included Alan Morgan, chairman of MMC Ventures; Bruce Macfarlane, managing partner of MMC Ventures; Michael Mire, non-executive director of Aviva; and Christian Angermayer, founder of Apeiron Investment Group.
Set up by Phoebe Hugh, formerly an Aviva underwriter and product manager; and Mykhailo Loginov, an ex Microsoft and Skype engineering manager, Brolly is an AI-powered insurance concierge which allows users to manage their policies more effectively.
“One woman I spoke to had inadvertently purchased two car insurance policies when she obviously only needed one (you can’t claim twice on general insurance),” Hugh told TechCrunch.
“She had paid in excess of £10,000 cumulatively over 11 years for two policies where one should’ve been void, because there was no system in place that notified she was doubling up on cover.”
Snapchat users fight re-design, Instagram blocks posts in Russia and more in The Week in Tech
The firm’s offering includes Brolly Locker, which scans and manages all existing policies; and Brolly Adviser, which recommends products for customers based on their existing portfolio.
Brolly Shop, which seeks to analyse the current market to help the consumer get the best coverage and value for money, is due to launch sometime this year.
For all the latest UK tech funding announcement data, check out the Tech City News Investment Tracker.