UK-based InsurTech startup WhenFresh has secured a £3m Series A round from undisclosed investors.
The capital injection will be used to support the development of its insurance products and boost its expansion plans on its target markets. Following this round, WhenFresh is now ‘laser-focused’ on working directly with the insurance industry.
WhenFresh is a ‘data-as-a-service’ business which collates data from more than 200 private and public UK data sources to improve customer and business insights. Its services are used for customer retention, acquisition and verification, insurance form pre-fill, risk management, collections, compliance and suppression.
Insurers can utilise the platform to help with their home insurance renewals, home insurance prefill and claims management.
Its data platform is used by the insurance, financial services, utilities, and property industries. The company has formed partnerships with Experian, Equifax, Zoopla, CLS Risk, Royal Mail Data Services, TransUnion, and others.
WhenFresh CEO Mark Cunningham said, “The insurance sector can now benefit from this, as WhenFresh’s market-leading products, Home Insurance Prefill and the Behind the Bricks API, offer insurers the ability to win new business, reduce customer acquisition costs, target more profitable business, and renegotiate reinsurance costs by more accurately analysing portfolio risk.”
Last week, fellow InsurTech startup bsurance pulled in €4m for its Series A round which will go on to fuel its expansion in western Europe. The company is a B2B2C platform which allows tailored made insurance products to be implemented into sales channels of companies.
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