InsurTech platform Konsileo has collected £2.7m in its Series A led by London-based Committed Capital.
Konsileo, which is an FCA authorised insurance broker, uses technology and data to help find the best coverage. Since the platform launched last year, the company has helped place £3m in premiums, according to Konsileo.
The platform addresses operational challenges of regulatory compliance, data capture and duplication to free up time for brokers. It also supports brokers to work collectively with colleagues instead of hierarchically with bosses.
This investment will be used to scale up Konsileo’s operations by hiring commercial lines brokers and teams that will work virtually in targeted hubs across the UK.
Committed Capital CEO Steve Harris said, “We believe that the commercial insurance market is ripe for disruption. Konsileo’s plan to use technology to transform the economics of insurance broking by focussing on the needs of advisors and clients is a recipe we have seen work very well in other markets.”
As part of the transaction, Committed Capital shareholder and board member Judy Welch will join Konsileo’s board.
There have been several InsurTech companies to close funding rounds over the past couple of months. Last week, Paris-based digital health insurance company Alan netted €23m in its Series A round, while in the previous week US-based online health insurance platform Oscar Health bagged $165m.
In the InsurTech space there has been a shift towards larger sized deals, according to data by FinTech Global. Since 2014, the number of deals valued at less than $1m declined from 37.5 per cent to 21.6 per cent, last year.
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