Valencia-based insurance startup Wenalyze has closed a €1.7m round led by Athos Capital for its open data analytics solution.
The round also saw participation from Bankinter, through the Venture Capital Programme developed together with Bankinter Innovation Foundation, astoryaVC, venture capitals focused on InsurTech, and GoHub –the corporate investment fund by Global Omnium.
Wenalyze said in the insurance industry more than 50% of SME clients’ data at the worldwide level is incorrect, outdated, or missing. Wenalyze said its technology updates and enriches the data, through AI and open data technologies.
This allows insurance companies and banks to better estimate the policies’ related risks and prices, and this brings benefits in terms of revenues and lower costs.
The company said this funding will help it consolidate its presence in Spain, the UK, and Germany, and look to grow in new European markets.
Carlos Albo, the CEO and co-founder of Wenalyze, said, “Open Data sources are the new gold for the digital era. For the insurance sector, having data being updated automatically in real-time means not depending on clients filling out complex forms to gather their data, thus speeding up the processes of selling new policies.
“Most importantly, though, it means that the insurance operator will be able to proactively adapt the product offering to the needs and circumstances that a client has from time to time”.
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