Inzura.ai the UK based global InsurTech, has today announced it has raised a further £1m in a pre-A funding round. This follows a seed investment round in early 2018 and rapid growth in the UK and South East Asian markets.
Inzura works with brokers and insurers to deliver enhanced digital versions of their insurance products through smartphone apps, leveraging telematics, integrated dashcams and artificial intelligence (AI). With some customers already achieving over 30% improvements in loss ratio, Inzura’s digital products are customer focused, cost significantly less to operate, reduce fraud, and enable greater pricing accuracy.
Inzura’s revenue growth of over 65% in the last 12 months is expected to increase to 100% in the next year as a result of this latest investment round. The funding has come from well-known and respected insurance industry figures. Investors include Phil Bunker (ex. LV and NIG), Michael Blaney (Founder of Autoline), Julian Edwards (Chief Executive of MCE), and Paul Cosh (ex. Budget & Highway). Their support recognises the significant value of Inzura’s technology which has been designed to be deployed across the insurance industry and is applicable worldwide.
Headquartered in the UK, Inzura has clients in the UK, Singapore, Thailand and most recently in Indonesia. The new funds will be used to hire additional sales and support staff for these territories. Funding will also be used for ongoing research and development, particularly data analysis including machine learning and AI for dynamic pricing.
Inzura.ai Chief Executive and co-founder Richard Jelbert comments:
“Digital transformation is underway across the insurance industry and we make this process as rapid and simple as possible. Our data-rich platform enables products to constantly evolve. We are currently working with global insurance brands and brokers to deliver enhanced and personalised insurance services to their customers, without having to replace legacy systems. We have exciting growth plans for Inzura. We have already created a strong international presence with major global insurers selecting us to deliver their digital strategies.”
Julian Edwards, Investor in Inzura and Chief Executive of MCE Insurance comments:
“I continue to be hugely impressed with the Inzura team and their approach to modernising insurance. Inzura represents an impressive investment opportunity for myself and the other experienced investors in this round.”
For more information, please contact: SJ Wrigley, Spotlight Consulting, at email@example.com or on +44 (0)7909546104
Inzura.ai is an InsurTech company that helps insurers and intermediaries quickly deploy advanced smartphone centric digital insurance products to maximise user engagement and company profits. 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 products and business models. The Inzura Digital Insurance Platform is a flexible product delivery engine and includes; white-label native apps for Android and iOS, operational infrastructure, app-based telematics / UBI, a digital media vault with photo recognition powered by advanced machine learning and AI.
Since its launch in December 2015 Inzura.ai has rapidly made a name in the emerging digital transformation space with Analyst firm Ptolemus ranking Inzura at number 3 in Europe (UBI Technology Service Provider 2018), and Digital Bridge listing Inzura as a Key Market Competitor (top 25) in their report on digital Insurance Platform providers in 2019. Inzura continue to innovate and recently announced its integrated Telematics and Dash Cam solution via its partnership with MiTAC Digital Technology Corporation (MDT) of Taiwan, the world’s largest dash cam manufacturer.