Germany-based InsurTech platform FinanzRitter has closed a ‘significant’ seed round from Reech Corporations Group.
The digital insurance broker combines AI technology, consumer protection and designed user interfaces to support insurance consultancy, policy management and the handling of claims. Customers complete an anonymous questionnaire which determines their insurance needs and then recommends the appropriate cover with machine learning.
FinanzRitter’s app can handle the entire policy purchasing process, including any verifications and claims; consumers are alerted when they have taken extra or inappropriate cover. The company is initially targeting users between the ages of 25 and 35.
While the platform is currently only available in Germany, there are plans to expand to Austria and Switzerland next year, and other European countries after that.
Capital from this round will be used to accelerate the scaling and performance of the company, as it looks to form partnerships. FinanzRitter hopes to expand its offerings to include a banking interface that helps users access payments on the app.
Reech Corporations Group chairman Christophe Reech said, “The global insurance market is huge – some $4.8 trillion in revenue, which is why we are so interested in the potential that insureTech has to disrupt this market. Within that world of new insureTech start-ups, we see FinanzRitter as one of the most innovative companies we have come across.”
Late last year, Reech made a $250k investment in Finland-based P2P finance platform Bankify.
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