Berlin-based InsurTech startup INSRD raises €500k in pre-seed round

Berlin-based InsurTech startup, INSRD, has successfully raised a €500k pre-seed round from a host of ecosystem angel investors.

Berlin-based InsurTech startup, INSRD, has successfully raised €500k in a pre-seed round from a host of ecosystem angel investors.

Notable names such as Alex Grimm, Florian Huber, and Daniel Dippold of EWOR were involved in the round, alongside other tech executives and venture capitalists, according to EU-Startups.

INSRD is transforming commercial insurance to better serve rapidly expanding companies driven by innovation, which often encounter evolving risk landscapes.

Acknowledging the common challenge of companies outgrowing their insurance coverage, the company believes in producing a flexible insurance solution which evolves alongside the customer’s needs.

At the heart of INSRD’s technology lies its Protect & Connect platform, which utilises sophisticated workflow automation and industry-specific AI.

This platform guarantees the continued relevance of insurance programmes while proactively identifying and monitoring emerging risks.

On top of this, it facilitates seamless collaboration among clients, advisors, and insurers, ensuring accuracy and responsiveness in addressing changes in risk exposure, particularly crucial for emerging sectors such as AI, the Creator Economy, Robotics, and beyond.

This announcement of funding coincides with a downturn in brokers and agents within the commercial insurance market, coupled with a rising demand for emerging and specialised risks. Consequently, dynamic enterprises find themselves underserved, facing coverage gaps and vulnerabilities that endanger their operations.

Alex Grimm, formerly of Getsafe, commented, “InsurTech players in the commercial insurance space have been too focused on improving the buying experience and building digital distribution models. The real challenge is keeping coverages accurate with companies that encounter new risk exposures as they develop rapidly. Although buying insurance may be perceived as a hassle, inaccurate coverage at the time of need will lead to more serious problems. INSRD is solving this issue by utilising cutting-edge technology to ensure coverage accuracy at scale.”

INSRD’s team stands prepared for the task at hand. Drawing from nearly two decades of experience in the insurance sector, co-founder John Ismailoglu brings a wealth of expertise acquired from roles spanning companies, agencies, and brokerages in New York and Berlin. His extensive background covers both personal and commercial insurance, with a particular focus on intricate and specialised risks.

Ismailoglu’s tenure at leading insurance entities further enriches his understanding of the industry landscape.

Copyright © 2024 InsurTech Analyst

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