Frankfurt-based Thinksurance, a B2B insurance distribution platform, has just raised €13 million in Series B funding from Eight Roads Ventures.
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.
This funding will give Thinksurance more power to scale at speed, double its headcount in 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.
“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,” saidFlorian Brokamp, CEO and co-founder of Thinksurance.
“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.”
“The Thinksurance team is the perfect combination of bright and ambitious,” said Lucile Cornet from Eight Roads Ventures, will join the board. “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.”
The commercial insurance industry in Germany alone is worth almost €30 billion 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, Thinksurance partners with all major insurers and more than 20,000 brokers and distributors.