Frankfurt-based Thinksurance, an insurance distribution platform, has raised a €13 million Series B from Eight Roads Ventures.
The commercial insurance industry in Germany alone is worth almost €30 billion in premiums per year and continues to grow, but transactions between insurers and distributors remain mostly manual.
Founded in 2016, Thinksurance has built a platform for insurance distributors — brokers, pools or agents — and insurers to digitalise the entire commercial insurance distribution process. Everything, from initial client consultation to the issuance of the policy documentation, can be completed on the platform. Currently the company partners with all major insurers and more than 20,000 brokers and distributors.
Commenting on the investment, CEO and co-founder Florian Brokamp said: “We are really excited to partner with Eight Roads Ventures, who have shown trust in our team and business model and have an in-depth understanding of our industry. We are in a situation where we do not necessarily need any funding, however, Eight Roads Ventures brings a strong global network and track record of helping companies scale, while enabling management to maintain independent decision-making. Together, we are focused on building a sustainable business for the long-term that will have a positive and transformational effect on our industry.”
Lucile Cornet, from Eight Roads Ventures, will join the board and added: “The Thinksurance team is the perfect combination of bright and ambitious. They have built a profitable and fast-growing business and an impressive platform which adds value to both sides of the equation. We are excited to partner with them as they look to expand into new markets and continue to strengthen their product.”
The fresh funding will enable the team to double its headcount in 2020, continue developing the existing analytics platform, and expand into new markets around the world.