Insurtech moves to insurers following £3m funding round

WhenFresh is targeting the UK insurance sector following a Series A £3m funding round from a “major insurer.”

This has enabled the insurtech to accelerate its products, with boss Mark Cunningham saying “the key to it all is data.”

It has decided to target UK insurers specifically, as the market is “ripe for digitisation.”

The Data as a Service (DaaS) business is also “keen to work with” brokers, underwriters, software providers and aggregators where “data can be used to gain competitive advantage.”

It follows the firm launching its Home Insurance Prefill product last year in August to insurers, with the aim of helping drive down acquisition costs and increase conversions.

And its BehindtheBricks product was launched in June last year.

The firm provides data-driven services to the financial, insurance, utilities, retail and property-related sectors.

Cunningham co-founded the business and is the firm’s chief executive.

He said its new products can offer insurers the ability to win new business, reduce customer acquisition costs and renegotiate reinsurance costs analysing portfolio risk more accurately.

He said: “The insurance sector can now benefit from this.”

The firm has links to ComparetheMarket, Zoopla and Swiftcover.

Solutions

Its Home Insurance Prefill is an off-the-shelf product. It claims to give insurers seven core characteristics on each of the 29.7m residential properties in the UK, for online form prefill and other insurance applications.

Whereas its other solution called BehindtheBricks API claims to bring instant “plug and play” access to over 2bn UK property-specific data items.

Cunningham added: “Long, complex insurance application forms lead to as many as 40-50% of applications not being accurately completed, which means abandoned forms, inefficient marketing spend and lost customers.

“BehindTheBricks tackles these issues by prepopulating home insurance applications with verified, property-specific answers the moment the applicant enters an address.

“This greatly reduces consumer input and makes the whole process of getting insurance quotes very much quicker and easier for the consumer, which improves the quantity and accuracy of completed applications and ultimately means a lot more business for insurers.”