Blockchain-powered insurance platform Galileo Platforms has scored $2m in its Series A round of funding.
The round was led by Greenlight Re, with participation also coming from Scale Investors.
Galileo uses blockchain technology to connect participants in the insurance ecosystem, enabling them to offer improved client experience and lower costs across the distribution chain.
The platform enables better client centered insurance products including real-time transactions for buying and claims, on-demand insurance, and mirco-duration insurance innovation.
Its technology connects distributors, insurers, reinsurers and technology service innovators to improve quotes, purchase, payment, claims, changes and renewals.
The company is looking to partner with disruptors across the insurance industry, including insurers, distributors and reinsurers to help insure the uninsured.
Galileo CEO Mark Wales said, “Blockchain is a fundamental technology that will lead the much-needed change in the insurance sector.
“Our platform takes much of the functionality typically found in legacy policy administration systems and encodes it in smart contracts in a blockchain. This mutualises the policy administration function, reducing costs and creating new opportunities for insurance. ”
Last week, Greenlight Re invested into South Africa-based digital insurance platform Click2Sure. The company integrates insurance policies with the point-of-sale to help retailers offer custom products for their customers.
There have been a handful of InsurTech companies to close funding this week, with Canada-based Foxquilt securing CAD $1.2m, UK-based Azur netting £13.3m and Italy-based Prima scoring €100m.
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