InsurTech platform Brolly has pulled in £1m in a seed investment round from Valar Ventures, Pi Labs and Entrepreneur First.
Among the venture capital firms, several angel investors also took part in the round.
Launched in 2016, Brolly offers insurance advisory services for online and mobile applications. The system uses AI to decide if consumers are over or under-insured, if they have duplicate products, whether there are better prices for plans, and if they are missing coverage.
Through the platform, users are also able to manage their insurance policies, documents, prices and contact numbers. All information and data on the application is encrypted and kept in secured data centres operated by Google, according to the company.
Following the deal, Brolly hopes to develop its technology, expand its team and getting more insurance partners which specialise in home, motor and travel.
The company is looking to implement new features to its platform, with a new version for iOS and Android to be launched.
Copyright © 2017 FinTech Global
