UK-based InsurTech platform Inzura has closed a $1m investment to support its international growth.
Investors to the round was compiled of angels including MCE Insurance CEO Julian Edwards, Autoline Insurance Group managing director Michael Blaney, ABC Investor partner Phil Bunker, former Budget Insurance Group director Paul Cosh and Singapore based investor Hauw-Quek Soo Hoon.
Founded in 2015, Inzura is a digital insurance technology provider, using real-time user data to streamline consumer experiences for insurers. The SaaS-based app supports existing insurance products and helps to integrate new solutions including photo-based digital insurance, image analytics and social rewards, among others.
The company’s sales have doubled YoY since its launched and Inzura expects this to continue.
Capital from the round will enable the company to further its international growth efforts and technology developments. Inzura is hoping to boost its AI and machine learning capabilities to offer customer behaviour and insurance needs insights, as well as on-demand insurance options. The company also hopes to integrate blockchain technology to ease customer acquisition and retention.
Inzura is looking to hire more staff to its UK operations and bolster its Asia efforts by setting up a new team based in Singapore.
Inzura CEO and co-founder Richard Jelbert 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.”
Earlier in the week, health administration software developer TPA Stream completed an $800k seed investment, to support technology and staff growth.
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