According to a study by Kubi/ FH Dortmund, only 45 per cent have liability insurance, while a study by Gothar suggests that only 13 per cent of SMEs have cyber insurance despite cyber risks being top fear by these companies. And this is why Munich-based InsureQ, a provider of embedded insurance products for SMEs and freelancers is aiming at this underserved self-employed and SME market, including SaaS and e-commerce startups.
InsureQ raises funding
In a recent development, InsureQ, a company that offers simple, transparent, and tailor-made insurance packages for its customers, has raised €5M in its Seed round of funding led by Nauta Capital. The round also saw participation from existing investors, including Flash Ventures and GFC.
Use of the funds
Speaking on the development, InsureQ’s co-founder & CEO Alexander Le Prince says, “With the investment, we can continue to pursue our vision to build a simple and customer-centric digital insurance solution for the self-employed and SMEs. We are working intensively on the further development of our products and services and are very pleased that we have now also been able to convince Nauta Capital of our innovative concept.”
The insurtech company will use the capital to accelerate growth, enhance its tailor-made insurance products as well as expand both its partner network and the SME segments it serves.
Tailored made insurance cover
Founded in 2019, InsureQ’s platform offers a fully digitised insurance solution for the self-employed as well as small and micro-businesses. The platform provides a policyholder with the option to take out insurance online in less than 10 minutes without any prior insurance knowledge.
Its insurance quotes are individually tailored to the day-to-day trade and industry needs, based on answers given by the policy seeker. This means that all activities that are common within a professional group are automatically covered.
Once the online questions are completed, InsureQ automatically creates a transparently structured insurance cover. Also, through the customer portal, policyholders can update, change, and review their policies directly through InsureQ.
Le Prince explains, “Within the next five years, there will be 2-3 dominant players in the digital SME insurance market, and together with our partners and our team, we see ourselves perfectly positioned to be one of the players. Insurance products for SMEs are traditionally very complex and hard to understand. So by digitising and offering tailored, smart insurance solutions, we have eliminated this complexity and created a simple solution that will save small businesses both time and money.”
Acting as an insurance agent, InsureQ partners with insurers such as Hiscox, R + V Versicherung, and ARAG, to offer a suite of insurance products ranging from general liability, financial loss to cyber risks, and business disruption cover, all from a single platform.
In addition to that, the company also enables B2B marketplaces such as Hallo Marta, Moss and Packator to offer their self-employed users insurance products via API-integrations, which are dynamically adjusted.
The company mentions in a statement that it has strengthened its core team with new members who were previously working at companies such as Allianz, Google, or AIG.
About Nauta Capital
Nauta Capital is a venture capital firm investing in early-stage technology companies pan-Europe. It has offices in London, Barcelona, and Berlin. With over half a billion assets under management and a team of 24 people, Nauta Capital claims to be one of Europe’s largest B2B focused VCs.
The firm has led investments in more than 50 companies, including Brandwatch, HappySignals, Marfeel, Nextail, Emjoy, zenloop, Landbot, Holded, Onna, MishiPay, and Smart Protection.