SFC Capital leads £400k seed round into House of Insurtech
Investors in this round: SFC Capital, angel investors
The funds will be used to build out the sales and marketing arm of the business and to onboard new customers in direct and embedded insurance onto the Insurforce platform.
Insurforce is a cloud-based service that reduces time to market and lowers administration cost, whilst at the same time increasing flexibility for Insurers, MGAs and Brokers.
Core to the service is a rating engine that is accessed via APIs from a client’s website allowing complete freedom in designing the customer interactions and journey.
Cloud-based “software-as-a-service” offerings such as this 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, innovations and opens up opportunities for more niche and specialist products and the ability to market test new products very cost effectively.
The engine is suitable for both General Insurance (CL and PL) and Life and Pensions including from indicative quote to full medical questionnaire.
James Downes – House of Insurtech founder commented, “We’re really excited to have SFC Capital on board and their support in getting this funding underway has been invaluable, we are also pleased that several of our existing investors have also joined into this round.”
Edward Stevenson, Investment Executive at SFC Capital, said: “At SFC we are delighted to have led Insurforce’s latest funding round. The team is working on a fantastic product aimed at a sizeable market that is currently inadequately served by tech solutions and is ripe for disruption. We are excited about what the future holds for the company.”