The insurance software market has been estimated to be worth $7bn a year
House of Insurtech has secured £400k in seed round funding, led by its existing angel investor fund management firm SFC Capital.
The insurtech will use the funding to build out the sales and marketing arm of the business and onboard new customers from the direct and embedded insurance markets onto the House of Insurtech Insurforce platform, which is a quote and buy and policy administration system.
This funding comes as the worldwide insurance market continues to enjoy significant growth, with the insurance software market being worth an estimated $7bn a year, according to House of Insurtech.
James Downes, House of Insurtech’s founder and chief executive, said: “We’re incredibly excited to have SFC Capital on board.
“[Its] support and guidance throughout this seed round has been invaluable. We are also delighted that several of our existing investors have [also] joined 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.”
House of Insurtech’s Insurforce platform is a cloud-based quote and buy and policy administration system that helps insurers, brokers and MGAs with digital transformation.
The platform features a flexible and responsive web app that is built on top of a rating and underwriting application processing interface (API).
The crux of the service is a rating engine that can be accessed from a client’s website - this allows complete freedom in designing the customer journey.
Software as a service (SaaS) offerings such as this help the insurance industry to introduce new products and to innovate without the traditional upfront capital expenditure.
The low startup cost of this approach combined with a usage-based, monthly subscription, opens up opportunities for new and specialist products to be market tested.
Founded in 2018, House of Insurtech aims to support innovation in the insurance sector to help make it easier to buy insurance.
The founders have significant expertise in both the insurance and technology sectors, with over 40 years of combined experience.