FRANK raises €2.9M to cut paperwork for insurance brokers

Portuguese insurtech FRANK has raised €2.9 million in a funding round led by Armilar and Start Ventures to further develop its AI-powered platform for insurance brokers and prepare for international expansion.

Founded by Antonio Castro, Ricardo Vallejo and Alexandre Silva, FRANK is targeting the administrative workload involved in insurance brokerage. Tasks such as requesting home insurance quotes, following up on claims or updating client information can require brokers to work across email and multiple insurer systems and portals, each with different processes and requirements.

Most brokers spend 80% of their time on back-office tasks instead of being with clients. Brokers need to be freed from operational work so they can focus on risk advisory and on their clients, bring more insurance literacy to consumers, and help protect people better,

said António Castro, co-founder and CEO of FRANK.

To address this, FRANK has developed what it calls an AI Operator, a virtual assistant designed to replicate human actions across insurance brokerage systems and portals. The platform connects with communication channels including email and WhatsApp, reads documents, identifies the process being handled, and flags missing information to the broker.

It can then log into the relevant systems and portals, enter the required information and return the result to the broker, such as an insurance quote or an update on the status of a claim.

FRANK began commercialising its platform less than 12 months ago and is now used by more than 350 insurance agencies and brokerages, representing over 1,500 users across Portugal. The company says its technology handles 70,000 back-office tasks each month, while brokers using the platform report saving an average of around ten hours of administrative work per broker per week.

The company plans to use the funding to strengthen support for its brokerage clients, invest in research and development, and prepare for international expansion. Most of the capital will go towards further developing and training its technology as the company prepares to enter international markets in 2027 while consolidating its position in Portugal.