UK InsurTech Inzura has raised $1m to boost its international growth.
The startup, which is headquartered in the UK, will also use the funds to accelerate its new technology developments, including machine learning and AI.
Inzura will also implement distributed ledger technology in a bid to simplify customer acquisition and retention.
Commenting on the news, Richard Jelbert, CEO and co-founder of Inzura, said: “Our strategy is to help insurers engage with their customers via access to rich data from smartphones. The next step is to use this rich data to deliver enhanced, personalised insurance services.
“Customer demands are evolving rapidly, and our technology allows insurance providers to keep pace with that change, without having to rip out all legacy systems. Inzura’s sales figures have doubled year on year since we started, and we expect this trend to continue as the business advances.”
The money will also allow the firm to enhance its delivery and support capacity across the globe.
New research shows decrease of fraud levels in the UK
As well as hiring in the UK, Inzura will be bolstering its team in Asia – with its new team being based in Singapore, and a substantial presence also being built in Thailand.
Investors included insurance executives such as Julian Edwards, CEO of MCE Insurance; Michael Blaney, MD of Autoline Insurance Group; Phil Bunker, partner in ABC Investors and former MD of LV Broker; Paul Cosh, former director of Budget Insurance Group and Highway Insurance Group plc; and Hauw-Quek Soo Hoon – a Singapore based investor.
“We’re hugely excited about fundamentally changing the way the insurance industry works,” said Ian McWilliams, the co-founder.
“Inzura has created a strong international presence, especially in the Asian market, and major insurers in the region as well as global insurance firms are selecting us to drive their digital strategies,” he went on to note.
Lead investor Edwards added: “MCE is a tech-centric insurer and the market leader in motorcycle insurance in the UK. I immediately recognised how Inzura is transforming insurance distribution, customer engagement and data analytics. For me investing in Inzura is a unique opportunity to support and work with the most exciting InsurTech today.”
Check out our UK tech investment tracker for the latest industry deals.