Portuguese InsurTech FRANK, the developer of an AI-powered platform built for insurance brokers, has secured €2.9m in a round co-led by Armilar and Start Ventures, capital that will fund further development of its technology ahead of a planned move into international markets.
According to Tech EU, the investment will be directed mainly at advancing and training FRANK’s technology. The company also intends to use the funds to improve support for its brokerage customers and to increase its research and development spending. FRANK has set 2027 as the year it will enter overseas markets, and in the meantime it aims to strengthen its standing in Portugal.
At the centre of FRANK’s offering is a tool it describes as an AI Operator. This virtual assistant is built to carry out the same steps a human would take when working through brokerage systems and insurer portals. It plugs into channels such as email and WhatsApp, processes incoming documents, works out which procedure is required and alerts the broker when details are absent.
The assistant can then sign into the appropriate systems, input the necessary data and send the outcome back to the broker, whether that is a quote or a progress report on a claim.
Adoption has moved quickly. FRANK started selling its platform within the past year, and more than 350 agencies and brokerages in Portugal now rely on it, covering in excess of 1,500 individual users. According to the company, the system processes 70,000 administrative tasks every month, and brokers on the platform say it saves each of them roughly ten hours of paperwork weekly.
António Castro, Ricardo Vallejo and Alexandre Silva founded FRANK to tackle the administrative burden that weighs on insurance brokerage. Routine jobs, including obtaining home insurance quotes, chasing claims or amending client records, often force brokers to switch between email and a range of insurer platforms, each with its own procedures and demands.
FRANK co-founder and CEO António Castro said, “Most brokers spend 80% of their time on back-office tasks instead of being with clients. Brokers need to be freed from operational work so they can focus on risk advisory and on their clients, bring more insurance literacy to consumers, and help protect people better.”
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