Inzura, the London-headquartered InsurTech startup, announced the completion of its first major funding round, raising $1 million to pursue what it said will be ambitious growth plans.

Investors include insurance executives such as Julian Edwards, CEO of MCE Insurance; Michael Blaney, managing director of Autoline Insurance Group; Phil Bunker, partner in ABC Investors and former managing director 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.

Inzura said it plans to use the money to accelerate new technology developments, which include:

• Machine learning and artificial intelligence (AI) to deliver insight into customer behavior and insurance needs.
• Dynamic pricing to allow insurance products to adapt quickly to real-time data.
• On-demand features allowing new business models.

“Our strategy is to help insurers engage with their customers via access to rich data from smartphones,” commented Richard Jelbert, CEO and co-founder of Inzura, which was founded in December 2015 to provide insurers with mobile-centric offerings that aim to accelerate the industry’s digitization.

“The next step is to use this rich data to deliver enhanced, personalized insurance services,” he added. “Customer demands are evolving rapidly, and our technology allows insurance providers to keep pace with that change, without having to rip out all legacy systems.”

The new investment will also enable Inzura to enhance delivery and support capacity worldwide. As well as hiring in the UK, Inzura will be bolstering its team in Asia to offer in-time-zone operations and support. The new team will be based in Singapore, and a substantial presence is also being built in Thailand to support numerous active projects.

Inzura operates in both the UK and Asia, where it already supports global brands such as Chubb, Sompo and Ageas.

Source: Inzura