The worldwide insurance market continues to grow significantly and the insurance software market is estimated to be worth $7 billion a year. The UK is well-positioned to reap the benefits of this growth as it is the largest insurance market in Europe and the fourth largest on a global scale.
At this point in time, London-based House of Insurtech, which supports innovation in the insurance sector and makes buying insurance much easier than ever before, raised £400K from SFC Capital and existing angel investors to grow its Insurforce platform.
Eyes to grow its platform
The investment will build out the sales and marketing teams and get new customers onboard from the direct and embedded insurance markets onto its Insurforce platform.
James Downes, Founder and CEO of House of Insurtech, commented: “We’re incredibly excited to have SFC Capital on board. Their support and guidance throughout this seed round has been invaluable, we are also delighted that several of our existing investors have joined them in this round.”
Edward Stevenson, Investment Executive at SFC Capital, said: “We are pleased to have led House of Insurtech’s latest funding round. The team has built a fantastic platform aimed at a significant and sizable market that is in need of innovative and disruptive solutions. We are excited about what the future holds for the company.”
Role of SaaS in insurance!
Insurforce is a cloud-based Quote and Buy and Policy Administration system that empowers digital transformation for Insurers, Brokers and MGAs. It features a flexible and responsive web app built on top of an innovative rating and underwriting API. At its core is a rating engine that is accessed from a client’s website allowing complete freedom in designing the customer interactions and journey.
Software-as-a-service offerings such as House of Insurtech help the insurance industry to introduce new products and to innovate without the traditional up-front capital expenditure. The low startup cost allied with a simple, usage-based monthly subscription changes the economics of new products while opening up opportunities for new and specialist products to be market-tested.
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