Inzura, a London, UK-based insurtech startup, raised $1M in funding.
– Julian Edwards – CEO of MCE Insurance,
– Michael Blaney – MD of Autoline Insurance Group,
– Phil Bunker – Partner in ABC Investors and former MD of LV Broker,
– Paul Cosh – former Director of Budget Insurance Group and Highway Insurance Group plc, and
– Hauw-Quek Soo Hoon – a Singapore based investor.
The company intends to use the funds to enhance delivery and support capacity worldwide, hire new people in the UK and in Asia, accelerate new technology developments including machine learning and AI to deliver insight into customer behaviour and insurance needs, dynamic pricing to allow insurance products to adapt to real-time data, on-demand features allowing new business models and integrating Blockchain to simplify customer acquisition and retention.
Founded in December 2015 by Richard Jelbert, CEO, and Ian McWilliams, Inzura offers insurers a host of innovative mobile-centric offerings designed to accelerate the digitization of the industry, enabling them to maximize user engagement and company profits.
Its software-as-a-service platform enables insurers to launch digital services quickly, and implement long term digital strategies.
Inzura supports a one-app multi-insurance-line approach to enhance existing insurance products, as well as a flexible on-demand engine for new insurance types. The solution includes white-label native apps for Android and iOS; operational infrastructure; app-based safe driving coach; app-based telematics/UBI; a digital photo vault with AI based photo analytics, and advanced machine learning and analytics.
The company can also work with existing insurance company infrastructure if needed to help insurers accelerate their insurtech roadmap.
Inzura operates in both the UK and Asia where it already supports global brands, including Chubb, Sompo and Ageas. The new team will be based in Singapore.