InsurTech Paper, which provides a B2B software suite for small and medium-sized insurance companies, has raised £152,615 in a crowdfund campaign.
According to a report from Crowdfund Insider, the raise exceeds the company’s target of £152,000 and was secured from 102 investors. There are still 15 days of the campaign.
The UK-based company reports a pre-money valuation of £3,080,000.
Founded in 2019, Paper aims to provide insurance agents and brokers an easy-to-use SaaS product that digitises the process end-to-end. The paper app allows customers to take photos of their asset and then Paper’s customized AI will select the relevant details in order to help build an insurance policy.
These customers can easily apply for and manage their insurance policies, paper-free.
As well as the environmental benefits, Paper has been designed for agencies to process policies much more quickly – and analyse their customer data more effectively.
The company’s B2B software suite enables small- to medium-sized insurance companies to digitalise their processes. Paper said this leads to greatly improved customer experience, a removal of paperwork, accurate data collection and savings of time a removal of paperwork, accurate data collection and savings of time and money.
Paper said the capital will be used to build the company’s sales team, xontinue to improve tech functionality, and broaden the product set to accommodate medical, travel and other insurance types.
According to Paper, in 2021, only 29% of insurance premiums in the UK were processed digitally. That figure was even lower in the US at 18%. Paper’s mission is to bring this bureaucratic industry into the 21st century.
Many insurers and agents are behind the digital curve, the InsurTech continued. They are now required to capture a greater number of data points, while providing a seamless digital experience to their customers.
Markd recently launched as an InsurTech VC and subsequently closed its $100m debut fund to fund early and growth stage startups.
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