Amsterdam-based Insify raises €15m to simplify the insurance process for European entrepreneurs and SMEs
Insify, an Amsterdam-based digital insurance platform designed for European entrepreneurs and SMEs, announced on Thursday that it had raised €15 million in a Series A funding round led by the equity firm Accel Global Risk.
Other investors including Visionaries Club, Frontline Ventures, Fly Ventures and angel investors from European fintech companies also participated.
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The funding will primarily be used to scale operations, workforce and expand into new markets in Europe, as well as to improve its underwriting and data analytics capabilities.
Koen Thijssen, CEO and Founder of Insify, says, “As an entrepreneur myself, I know firsthand that running a small business can be tough at the best of times. The last thing business owners need is to overwork themselves with convoluted insurance policies and deal with excessive premiums. Insurance should be something that supports entrepreneurs, not burdens them. We designed our digital insurance platform with the entrepreneur and SME at its heart. »
What does Insify solve?
Currently, the European commercial insurance market is worth more than €150 billion, but Europe’s 25 million SMEs have long been underserved by traditional insurers.
“The current status quo is made up of complicated policies offered by a web of middlemen and offline manual processes that don’t accurately reflect the growing complexity of modern SMB operations,” says Insify.
Consequently, this has affected thousands of SMEs with policies that are overpriced, burdensome, undifferentiated, outdated or, worse, without any coverage.
This is where Dutch startup Insify comes in.
Insify: What you need to know
Founded by Koen Thijssen in 2020, Insify aims to transform business insurance by making it simpler, faster and more affordable for entrepreneurs and SMEs.
The company has developed an intuitive end-to-end digital customer journey, providing SMEs with a professional insurance quote in just two minutes.
Based on data analysis, the company ensures that coverage is tailored and priced individually for each business.
The Dutch startup develops exclusive, tailor-made insurance products covering corporate liability and professional liability up to professional disability for entrepreneurs and small businesses in various sectors, supported by Munich Re.
Businesses can insure with Insify through direct online registration, integrated partnerships with e-commerce and fintech platforms, and through brokers.
To date, the company already protects over 1,500 small businesses in its home market of the Netherlands.
California-based Accel is an early-stage and growth-stage venture capital firm supporting a global community of entrepreneurs.
Accel partner Luca Bocchio, who is also joining Insify’s board, says: “Traditional insurers have neglected European entrepreneurs and SMEs for years, offering them a poor experience and overpriced premiums. Insify challenges the status quo with an enjoyable and seamless end-to-end digital customer journey, backed by its world-class data analytics and continuous underwriting technology. It takes an entrepreneur to understand what entrepreneurs want and face every day, so I’m confident that Koen and his great team will accomplish what they set out to do; fundamentally transforming the way business insurance is accessed and offered across Europe. »
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