Insurance-as-a-service is a 100% digital insurance offering that covers end-to-end requirements for simpler onboarding, claims management and customer support.
Now recently, Qover, a Belgian startup that offers Insurance-as-a-Service for digital businesses, announced today it has raised €8 million in a funding round led by Alven and Portag3 Ventures. Series A investor Anthemis also invested in the round.
In 2016, Quentin Colmant and Jean-Charles Velge pioneered change by offering insurance products via open APIs and white-label front-ends. Qover’s proprietary insurance infrastructure allows for the launch of non-life insurance products in any European country in just six weeks and today, Qover’s insurance products insure nearly 50,000 individuals across eight European countries. The company has also developed thriving partnerships with other digital innovators such as Deliveroo, and such partnerships continue to grow substantially as well as home, rent and landlord insurance with Axel Springer-owned Immoweb, the leading real estate marketplace platform in Belgium.
The new funds will be used to accelerate its growth in selected verticals, including supporting insurers through turnkey solutions for their digital acquisition channels.
Jean-Charles Velge, co-founder of Qover, said: “We operate at the crossroads of technology and insurance and it’s our mission to be the partner of choice of every business looking for digital insurance. This funding will allow us to accelerate our European development and investment in R&D and cutting-edge technology.”
In addition to its commercial deployment, Qover will continue to invest heavily in digital and insurance research and development. Qover is now looking to expand its team and hire top-notch engineers, product managers, project managers and business developers.
Alven is the leading French independent venture investment firm, and it has backed more than one hundred start-ups over eighteen years.
“Qover’s impressive track record and ambitious growth plans made investing in this team an appealing proposition,” said Hélène Falchier, Partner at Portag3 Ventures. “They have a clear idea of where they want to go and as rising stars in the European digital insurance space, we look forward to leveraging our expertise and network to help them reach new heights.”
Qover is an insurance partner for every digital business. As an InsurTech company, we build seamless digital insurance experiences with the best coverage to help people protect both their personal lives and their businesses. Through its partners, such as Deliveroo, Creditea, Vanbreda, Immoweb (Axel Springer) and Poppy (D’Ieteren – Volkswagen / Audi), Qover currently insures a variety of communities across eight countries for a total of approximately 50,000 insured individuals. Qover was founded in Brussels in 2016 and has raised EUR15M to date from leading VC firms Anthemis, Alven and Portag3 Ventures.
— Press release
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