Image credits: Insify
Insify, an Amsterdam-based digital insurance platform designed for Europe’s entrepreneurs and SMEs, announced on Thursday that it has raised €15M in a Series A round of funding led by global venture firm Accel.
Other investors, including Visionaries Club, Frontline Ventures, Fly Ventures, and angel investors from European fintech companies, also participated.
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The funding will primarily be used to scale operations, workforce and expand into new markets in Europe, as well as enhance its underwriting and data analytics capabilities.
Koen Thijssen, CEO and founder of Insify, says, “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.”
What does Insify solve?
At present, the European commercial insurance market is worth over €150B, yet Europe’s 25M 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,” says Insify.
Consequently, this has affected thousands of SMEs with policies that are overpriced, cumbersome, undifferentiated, outdated, or worse, with no coverage at all.
Here’s where the Dutch startup Insify comes into play.
Insify: What you need to know
Founded by Koen Thijssen in 2020, Insify aims to transform business insurance by making it simpler, faster, and more affordable for entrepreneurs and SMEs.
The company has developed an intuitive end-to-end digital customer journey, offering SMEs a business insurance quote in as little as two minutes.
Leveraging data analytics, the company ensures that coverage is tailored and individually priced for each business.
The Dutch startup develops proprietary and tailored insurance products spanning business liability and professional indemnity to occupational disability cover for entrepreneurs and small businesses across various sectors, backed by Munich Re.
Businesses can insure with Insify through direct online signup, embedded partnerships with e-commerce and fintech platforms, and via brokers.
To date, the company is already protecting more than 1,500 small businesses in its initial market of the Netherlands.
Investors
Based out of California, Accel is an early and growth-stage venture capital firm that helps a global community of entrepreneurs.
Luca Bocchio, Partner at Accel, who also joins Insify’s board, says, “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 every day 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.”
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