Frankfurt: Today, Thinksurance, the intelligent insurance distribution platform, announced that it has raised €13m in Series B funding from Eight Roads Ventures.
This funding will give Thinksurance additional firepower to scale at speed, double its headcount within 2020 and expand into new international markets. Investment will be directed into its existing analytics and distribution platform to provide greater functionality and value add to its customers, and new solutions in enhanced data analytics, portfolio transfer and after-sales processes.
Florian Brokamp, CEO and Co-Founder of Thinksurance, commented: “We are really excited to partner with Eight Roads Ventures, who have shown trust in our team and business model and have an in-depth understanding of our industry. We are in a situation where we do not necessarily need any funding, however, Eight Roads Ventures brings a strong global network and track record of helping companies scale, while enabling management to maintain independent decision-making. Together, we are focused on building a sustainable business for the long-term that will have a positive and transformational effect on our industry.”
Lucile Cornet, from Eight Roads Ventures, will join the board and added: “The Thinksurance team is the perfect combination of bright and ambitious. They have built a profitable and fast-growing business and an impressive platform which adds value to both sides of the equation. We are excited to partner with them as they look to expand into new markets and continue to strengthen their product.”
Since it first entered the market in 2016, Thinksurance has built a platform for insurance distributors e.g. brokers, pools or agents and insurers to digitalise the entire commercial insurance distribution process. Everything, from initial client consultation to the issuance of the policy documentation, can be completed on the platform.
The commercial insurance industry in Germany alone is worth almost €30bn in premiums per year and continues to grow, but today transactions between insurers and distributors are still mostly manual. By creating an environment which minimises friction, speeds up processes and enables new data driven insights, Thinksurance adds value for both insurers and distributors. Already, the Frankfurt headquartered Thinksurance partners with all major insurers and more than 20,000 brokers and distributors.