Inshur is powered by data and has digitized the entire process for a smoother customer experience meaning insurance protection can be purchased within minutes through its mobile app
Image: Inshur secures additional $1.5m funds. Photo: Courtesy of Foto-Rabe/Pixabay
Insurtech Inshur has raised a further $1.5M to its Series A round from Viola FinTech, a cross-stage venture fund that invests in global FinTech companies. It brings INSHUR’s investment to $9.6m to date, with a $2 million credit facility.
Inshur is a 100% digital provider of commercial auto insurance. It’s a sector with a clear and acute pain point for customers as traditional carriers still rely on analog operations, often taking days to just quote a risk. Inshur is powered by data and has digitized the entire process for a smoother customer experience meaning insurance protection can be purchased within minutes through its mobile app.
The additional funding from Viola FinTech comes on the back of the insurtech’s impressive traction to date, both in terms of users and strong growth. INSHUR sold $24M of premium in just the first 12 months of operation in 2018 and has built a reputation and brand drivers trust. It enjoys an enviable 4.8 from around 2,500+ app store reviews, unprecedented for an insurance app.
Following the app’s launch in the UK at the end of 2018, Inshur recently partnered with Uber UK to improve driver safety. Uber drivers can log in to the insurtech app using their Uber IDs, which are used to create and offer flexible insurance coverage in just three minutes.
As a 100% digital business, insurance documents are automatically uploaded to Uber, reducing the barriers for drivers to get on the road and keeping uninsured drivers off the road. As a data-led business, Inshur also uses data to price insurance risk faster and more accurately, using a number of data sources, meaning insurance that rewards safe drivers.
Tomer Michaeli, General Partner at Viola Fintech, says: “We’re excited about joining Inshur – not only were we impressed with the progress the company made and the execution skills of the team, but this is also our first investment in a non-Israeli company and also our third investment in insurtech which we’re very bullish about. We believe the insurance space is still suffering from high inefficiency and low penetration of automation and therefore boasts huge opportunity for innovative products and business models.”
Dan Bratshpis, CEO and co-founder of Inshur, says: “Viola FinTech, with its global LP base of leading banks and insurance companies, aligns well with our vision of disrupting the insurance space. Inshur has grown fast and we are looking to expand beyond the UK and New York in the near future. Having not just the right commercial backing but strategic support makes this process faster, the Viola team has proven capabilities to do that.”
Source: Company Press Release