Swedish open insurance platform Insurely said it has raised 2.5 million euros in a funding round led by local venture capital firm Luminar Ventures to support its continued growth by recruiting new talent and expanding operations to more markets in Europe.
Insurely says its mission is to digitize the insurance market in Sweden and beyond by introducing innovative API’s and easy-to-use solutions for Open Insurance. With Insurely’s solutions, companies can create effective services for switching insurance contracts, as well as enabling insurance in their personal finance management apps and more.
“With Open Insurance taking off, I expect us to grow our business by as much as five times this year alone. We´re also looking to double our team with new recruits,” said Martin Einemo, CEO and Co-Founder of Insurely.
The company’s Open Insurance platform with dynamic API integrations makes it possible for insurers and financial players to access real-time data from as much as 95 percent of the Swedish insurance market. The company had previously raised 0,5 million euros in pre-seed capital from angel investors like Emanuel Lipschütz, founder of and former CEO at Netsafe.
“Insurely is creating Open Insurance, which, in the same way as Open Banking, creates completely new transparency and opportunity for personalization within the insurance industry,” said Jacob Key, Founding Partner at Luminar Ventures.
“In a short period of time, the team has proven that they can develop innovative API-based solutions and onboard paying customers in an otherwise rather non-digitized industry,” Key said.
Several major Swedish insurance players like ICA Försäkringar, part of one of the largest grocery retail stores in Sweden and the insurance challenger Hedvig are already using Insurely’s platform. One of the most used applications is a solution that allows end-users to compare their existing insurance policies with new offerings, which has proven to increase both conversion and user engagement.