Insurello, the Swedish startup that helps consumers get fair compensation from insurance companies after personal accidents, has announced raising another €7.1 million. The round was led by the Nordic venture capital firm Inventure, co-lead by Schibsted, and with participation from Luminar Ventures. The startup will use the funds to pave its way into international expansion.
Insurello, founded in 2016, helps consumers claim fair compensation from insurance companies after personal accidents. Being a digitised service, Insurello handles the entire claims process and identifies compensation users weren’t even aware of. So far, Insurello has managed over 85,000 insurance claims and paid consumers more than €7 million in compensation. It seems to be working, as they have also doubled their team in the last 12 months to a strong 70 people.
“There has been a massive interest in Insurello and we now have the perfect opportunity to gear up and expand to new markets. We will also continue to automate our product and to simplify it for the consumers. Our goal is to scale up and claim fair compensation for our customers, no matter who you are or what background you might have”, said Marcus Janback, founder and CEO of Insurello.
In Sweden alone, approximately 600,000 personal accidents occur every year. A large number of the injured individuals are missing out on compensation they are entitled to. This is mainly due to the average claims process being perceived as overly complicated, as well as the fact that many people are not aware of all the insurances that they are covered by. The same goes for claiming money from flight delays, which is the reason behind Insurello’s recent acquisition of Ifdelayed.com.
“Insurello is one of the few startups that keeps growing even during uncertain times. We are now investing not only in a product that solves a major problem for consumers but also in a great team that has all the right qualities required for an expansion to new European markets. We genuinely believe in Insurello’s mission and want to be a part of the success going forward”, said Linus Dahg, Partner, Inventure.