Berlin-based SureIn secures €4M to expand SMB insurance solutions

SureIn, a Berlin-based insurtech startup, has raised €4 million in a Seed funding round. SureIn provides tailored insurance solutions for small and medium-sized businesses (SMBs), and the investment is aimed at enhancing the company's product automation across all stages of coverage and expanding its product range to encompass healthcare and pension plans for both existing and new verticals.

SureIn's Seed funding round was led by Pact VC and saw participation from xDeck, Warrick Shanly, founder of Koro Capital, and Robin Haak, founder and GP at Robin Capital, and multiple fintech and insurtech angel investors including Vincenz Klemm, the exited founder of Gabi insurance. Noteworthy SureIn backers include Sequoia Capital's pre-seed and seed stage catalyst, Arc, and Atlantic Labs.

Innovation stagnation

Encompassing a staggering potential of 24 million businesses across Europe, and the associated sales potential that goes with it, the SMB insurance landscape isn't the shiniest of trades, and perhaps doesn't always garner the media spotlight. Traditional brokers and managing general agents (MGAs) tend to stick to what they know - a one-size-fits-all approach, which doesn't quite cut the mustard when addressing the needs of the modern European small to medium-sized business. This deficiency in user-centricity results in suboptimal insurance offerings and leaves many SMBs underserved.

For better or for worse, the core of this challenge lies in the intricate diversity among SMBs, spanning various industries, business models, and fluctuating risk profiles. This complexity has historically complicated the management of insurance portfolios, often leading to gaps in coverage or, in extreme cases, complete negligence of risk updates. Such vulnerabilities can expose SMBs to partial claim settlements or, worst-case scenario, no compensation at all, jeopardizing their survival.

"Our market experience indicates that most SMB entrepreneurs lack a comprehensive understanding of their risks and requisite insurance coverage. When they engage with us, it becomes evident that their previous contracts suffered from gaps in protection," explained SureIn CEO and co-founder Daniel Dierkes. "Clearly, there is a systemic issue within this market. Our overarching mission is to eliminate the opacity plaguing the industry, empowering business founders with insights into their risks and offering tailored insurance solutions that effectively shield against these risks, all while maintaining competitive pricing."

Reshaping the landscape, addressing the gap

Beginning in its home market of Germany, SureIn's goal is to reshape the SMB insurance landscape by addressing the gap. The startup's end-to-end insurance infrastructure is meticulously designed to cater to the specific needs of SMBs, ultimately all but eliminating the need for SMBs to establish their own independent systems, subscribe to third-party tools, or rely on traditional brokers to get policies in place or update any coverage(s).

According to the startup, since its launch in early 2022, SureIn has made inroads into multiple industries, amassing over €1 million in gross written premiums, facilitating insurance solutions for businesses of varying sizes, and it is well on its way to achieving its 1,000th client.

Potential to redefine the industry

On the investment, Sequoia Capital's George Robson commented:

"We partnered with SureIn early on because we strongly believe in the team’s mission. As businesses’ needs change, so does their risk situation, and so should their insurance coverage. SureIn is constantly monitoring these changes to make sure clients’ coverages are up-to-date. We believe this is a game changer for the industry, and many entrepreneurs will benefit from this at such a crucial point in their businesses’ journeys.”

Robin Haak from Robin Captial added:

"Over a decade ago, I collaborated with Daniel at Axel Springer Plug and Play; he was the first individual I ever brought on board during my career. His unparalleled determination, resilience, and swift adaptability have always been exceptional. After assessing numerous insure-tech companies in my role as an investor, it is now that I've found the ideal blend of an outstanding team & co-founders, co-investors, and a space in SMEs that I genuinely believe in, prompting me to embark on this exhilarating journey!"