Digital Risks, an automated platform for purchasing business insurance, has raised £2.25m in a round led by Concentric.
Participation to the round also came from Atami Capital, Seedcamp, London Co-Investment Fund and Beazley.
UK-based Digital Risks has built a software solution to automate the entire process of buying and managing insurance for businesses. Instead of offering price comparisons, the platform considers risks and sets the business up with the most suitable insurance provider.
The platform works on a monthly subscription basis, which enables clients to pay monthly, modify policies or cancel cover at any point. Its products are backed by underwriters including Aviva, Tokio Marine, and Beazley.
Protection available through Digital Risks include professional indemnity, cybersecurity, office insurance and legal expenses.
This line of equity will support the company to scale its marketing efforts, triple the size of its team and launch a selection of new insurance products. Digital Risks also has plans to expand its operations internationally, with a move into Europe scheduled to take place over the next 12 months.
Digital Risks CEO and co-founder Cameron Shearer said, “The industry needs to evolve in so many ways, from product design, to distribution and customer engagement.
“How businesses want to buy and manage their insurance has changed, with traditional offline brokers and annual commitments seen as old-fashioned and inflexible to today’s digital natives. There’s also a lack of understanding of emerging technologies, the risks involved and how to cover them, particularly with the rise in online threats, such as data breaches and social engineering.”
Earlier in the year, Concentric and Black Pearls VC led the €2.2m funding round of cloud-based insurance platform Insly. The London-based company offers insurance software that helps insurance brokers, agents, MGS’ and wholesale to keep track of their customers and coverage.
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