During the pandemic crisis, global e-commerce sales have surged and are estimated to reach $6.3 billion by 2024. Apparently, there is an increased demand for goods-in-transit cover. This is where London-based Anansi Technology, an embedded insurance platform for goods-in-transit, shippers’ internet and cargo insurance comes to play. It provides all aspects of insurance, thereby enabling customers to get coverage and receive claims directly into their bank accounts via open banking.
To launch a Shopify app
Now, the company has grabbed £1.5 million in a seed funding round led by Octopus Ventures. A number of angels who invested in Bought by Many, the $2 billion pet insurtech also joined the raise alongside other prominent angel investors. These include Evelyn Bourke (ex-Bupa CEO), Andrew Rear (ex-CEO Munich Re Digital Partners), Anthony Stevens (President of Victor Insurance), Richard Turner, President of the International Union of Marine Insurance (IUMI) and International Head of Marine at Victor Insurance Holdings, UNIQA Ventures and leading fintech angel, Chris Adelsbach.
Anansi Technology will use the investment to deliver new partnerships across the goods in transit value chain with freight forwarding companies, major e-commerce platforms and retailers and third-party logistics firms both in the UK and Europe. Furthermore, Anansi Technology will launch a Shopify app on October 28, 2021, thereby enabling e-commerce businesses to integrate their shipments with its automated goods-in-transit product.
Talking about her investment in Anansi Technology, Evelyn Bourke, former CEO of Bupa, said: “I’m very excited about the insurance proposition that Megan and Ana are creating for online sellers. It’s hugely relevant to the world we live in now.”
Nick Sando, fintech investor at Octopus Ventures, said: “The insurance market has seen lots of innovation over the last five years but there are still large untapped markets. Embedded insurance, where all covers and protections are bundled into one service is set to transform the way people and businesses purchase insurance. By offering insurance in an affordable, relevant and personalised manner, Megan and Ana are transforming the landscape for goods-in-transit protection. We are excited to be working with them and the broader Anansi team as they build the first embedded goods-in-transit insurance product”
Megan, Co-founder and CEO of Anansi said: “We’re building a cutting edge platform to embed goods in transit insurance across the logistics value chain. Our goal is to automate the insurance experience and extend our support beyond Shopify and integrate with multiple ecommerce platforms, insurance partners, third party logistics APIs and in the future, many other services. This funding round will enable us to build more sophisticated infrastructure as we scale and add new features and automations, such as damage, international shipments and fraud detection.”
Integrated embedded insurance platform
Female entrepreneurs, Ana Martins de Carvalho and Megan Bingham Walker established Anansi Technology as they saw a gap in the market to create an easy-to-use platform that delivered an end-to-end insurance solution for e-commerce platforms, retailers, third-party logistics partners and shipping firms. Now, the company delivers automated digital shippers’ interest, goods-in-transit and cargo insurance products for businesses globally.
Its products are embedded directly into marketplaces, e-commerce platforms, with logistics and freight forwarding partners, so that the businesses trading on these sites can focus on growing their business rather than managing their insurance.
Its API-driven platform enables a simple, one-click onboarding process. It monitors all the shipments for losses and delays and soon damage. In instances of a mishap, the company repays claims directly into our client’s accounts. It enables small e-commerce SMEs or large businesses to experience a smooth transit experience from beginning to end.