Anzen is a new InsurTech company that is on a mission to rebuild the business insurance space, with a focus on the Directors and Officers (D&O) or Executive Liability Insurance lines.
The company has raised $10m in seed funding, which was led by Andreessen Horowitz to support the development of its platform. Other commitments to the seed round came from MS&AD Ventures, Tokio Marine, and over 30 leading seed investors and founders/CEOs.
Anzen, which means safety in Japanese, is also launching the Anzen Management Operations suite (MgmtOps). Included in this is a first of its kind Safety Auditor, which was created to track and automate employee compliance.
Its vision is to offer an insurance product with software that helps keep companies safe and freeing staff to focus on more important tasks.
Current D&O and executive liability insurance products are slow and analog to buy, according to Anzen. As a result, it has built a modern experience that connects a company’s system with just a few clicks and helps them quickly get cover, with the best protection and risk prevention software.
In a blog post announcing its launch, it said, “Companies only have reactive measures to protect themselves today. Anzen introduces the first proactive solution to lower the risk of employment practices disputes. Shouldn’t insurance help prevent the customer from getting sued in the first place?â€
All policyholders receive MgmtOps, a risk management platform that addresses corporate governance, compliance and document retention. The software connects every company’s HR information system, payroll, e-signature, background checking and other people operations tools to uncover risks, such as missing employee agreements and audit compliance to per-state employer requirements.
In other InsurTech news, cyber insurance company BOXX Insurance acquired cyber threat intelligence platform Templarbit. BOXX made the acquisition to support its mission to make the online world safer.
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