Frankfurt-based Thinksurance, an insurtech startup that specialises in digital insurance consultations for commercial and industrial clients, announced on Wednesday that it has secured $24M (approximately €22.25M) in a fresh round of funding.
The round was led by international insurtech specialists Viewpoint Ventures and M-Tech Capital as well as Venture Capital Fonds Segenia Capital.
Existing investors Eight Roads Ventures and Columbia Lake Partners also participated in the round.
Drew Aldrich, Founding Partner of Viewpoint Ventures, says, “As a venture capital fund that is backed by dozens of insurance entities and is focused on insurance, we understand the critical role insurance brokers and agents play.”
“Insurance entities around the world are searching for solutions to help distributors maximise time spent delivering valuable services to their clients. Thinksurance is one of few that help accomplish that in a unique and innovative way,” adds Aldrich.
What does Thinksurance offer?
Founded in 2015 by Christopher Leifeld and Florian Brokamp, Thinksurance provides digital commercial insurance solutions in Europe.
“Our goal is to rethink insurance and to put the policyholder and his risks back in the centre of attention. To do this, we have developed a platform that fully digitises the development, sales, advice and support of commercial and industrial insurance,” says the company.
The company’s platform connects insurers, distributors from several sales channels and business customers on its platform. Its technology enables insurance distributors to digitise policy and consultation procedures, enabling them to quickly and accurately offer customised insurance solutions to their clients.
Also, insurers are offered adjacent services such as data analytics, portfolio transfer, after-sales processes or white-label solutions for their internal use.
Currently, the company has over 50,000 individual brokers and agents who have used its platform to advise more than 1.5 million consumers. Its partners include the majority of the top insurers in Europe including Allianz, Axa, and Zurich.
Capital utilisation
Thinksurance says it will use the funds to expand its leading position in the market.
The company says it will expand its platform to cover further aspects of the consultation and distribution of commercial insurance, empowering brokers, agents, direct sales, and other distribution channels to profit from its platform.
Florian Brokamp, CEO and co-founder of Thinksurance, says, “With this funding, we plan to continue to broaden the scope of our offering and value add to our partners.”
“Our vision comes down to enabling brokers and insurers to really be able to focus on what they do best as opposed to getting bogged down with time-consuming busy work – ultimately to the benefit of the entire industry and its clients,” adds Brokamp.
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