House听of Insurtech has secured 拢400k in a seed听round led by SFC听Capital and supported by follow-on funding听from its existing听angel investors.听听
The funds will be used to build out the sales and marketing听arm of the business and to onboard new customers from the direct and embedded insurance markets onto House of Insurtech鈥檚听Insurforce听platform.听听
This funding comes as the worldwide insurance market听continues to enjoy significant growth, with the insurance software market alone estimated to be worth $7bn a year.听听
The UK听is particularly well-positioned to benefit from this growth as the largest insurance market in Europe and fourth largest worldwide.听
Insurforce听is a cloud-based Quote and Buy and Policy听Administration system that empowers digital transformation for Insurers, Brokers and MGAs. It features a flexible and responsive web app built on top of an innovative rating and underwriting API. Core to the service is a rating engine that is accessed from听a client鈥檚 website allowing complete freedom in designing the customer interactions and journey.听
Software-as-a-service offerings such as this help the听insurance industry to introduce new products and to innovate without the traditional up-front capital expenditure.听听
The low听startup听cost allied with a simple, usage-based monthly subscription changes the economics of new products, while听opening up听opportunities听for new and specialist products to be market tested.听听
James Downes,听founder and CEO of House of Insurtech,听commented: 鈥淲e鈥檙e incredibly excited to have SFC Capital on board. Their support and guidance throughout this seed round has been invaluable, we are also delighted that several of our existing investors have joined them in this round.鈥�听
Edward Stevenson, Investment Executive at SFC Capital,听said: 鈥淲e are pleased to have led House of Insurtech’s latest funding round. The team has built a fantastic platform aimed at a significant and sizable market that听is in need of听innovative and disruptive solutions. We are excited about what the future holds听for the company.鈥�听