The funding injection is earmarked for scaling up products and expanding marketing efforts, marking a strategic move to propel the company’s growth.
The news follows on from Inslysecuring a coveted spot among the ten insurtech scale-ups participating in the 2023 PwC Scale InsurTech Programme organised by PwC and GrowthBuilders, aims to bolster the growth trajectory of rapidly advancing insurtech firms.
Founded in 2013 by CEO Risto Rossar, Insly is dedicated to collaborating with brokers, insurers, managing general agents, and underwriters to digitize and automate mid and back-office operations. In line with its commitment to innovation, Insly has recently launched BrokerFlow, a no-code sales software designed to empower brokers in digitizing their sales workflow.
In a recent interview, Rossar said: “Initially, Insly was a SaaS solution for brokers. It has since diversified into tools for MGAs and insurance companies. All the while, developing a no-code product which is customisable and easily configurable, reducing the need for maintenance and costly development talent. This has helped us to reduce our implementation time and cost by a factor of ten.
“In the last eight years, Insly has grown to a team of 100. We have offices in Tallinn (core development unit), London (HQ), Vilnius, and Warsaw. We now serve over 1,000 brokers, MGAs, and insurers, with over 15,000 users, and over €0.5billion gross premiums transacted on the platform. Customers span 52 countries around the globe, and global revenues have grown by over 30% in the last year.”
In September 2022, Insly raised €1.1m in bridge funding. According to reports, half of this figure was committed by existing investors, Concentric and Uniqa Ventures, and half by an angel syndicate led by Fund Fellow Founders.
Author: Joanna England
