Insly, a London, UK-based low/no-code software platform for insurers, insurance brokers and Managing General Agents (MGAs), raised €1.1m in bridge funding.
Half of this figure was committed by existing investors, Concentric and Uniqa Ventures, and half by an angel syndicate led by Fund Fellow Founders. The round brings Insly’s total raised to €5.8m.
The company intends to user the funds to accelerate growth across operations in Poland, London, and Tallinn, enable further product development, and expand sales and marketing initiatives to acquire new customers.
Founded by Risto Rossar, Insly is an insurtech startup that enables insurers, MGAs, brokers, and underwriters to digitize and automate their mid and back-office operations, including distribution, policy administration, underwriting, claims, and reinsurance.
Initially an SaaS solution for brokers, the company has since diversified into tools for MGAs and insurance companies, while also developing a no-code product which is customisable and configurable, reducing the need for maintenance and costly development talent.
Additional services like accounting, reporting, and claims management tools further enhance the platform’s capabilities for streamlining and optimizing insurance selling and admin processes.
In the last eight years, Insly has grown to a team of 100, with offices in Tallinn (core development unit), London (HQ), Vilnius, and Warsaw. It serves over 1,000 brokers, MGAs, and insurers, with over 15,000 users, and over €0.5bn gross premiums transacted on the platform. Its customers span 52 countries around the globe, and global revenues have grown by over 30% in the last year.