InsurTech start-up raises £2.7m
Konsileo will use the funding to scale up its operations by hiring commercial lines brokers and teams to work virtually in targeted hubs in the UK.
Its promise to brokers is that they will keep more of what they earn, work flexibly and collaboratively with colleagues instead of hierarchically with bosses, and save up to 60% of time spent on admin.
Brokers can work where they choose – whether at home, in an office, or a combination of the two, and team up with mentors and specialists for career development and to service larger clients.
Using Konsileo’s fact find, operational broking and risk hub will free brokers from laborious admin tasks and automatically process their clients’ data to give them a better understanding of their risks.
Since launching a year ago, Konsileo’s software has been used to place £3m in premiums and it has established whole of market placing facilities.
Committed Capital has experience of investing in fintech firms and was one of the early investors in Fairstone Group, an IFA consolidator with over £7bn of client assets, which uses a technology platform and centralised back office to maximise the efficiency of its 400 advisers.
Committed Capital CEO Steve Harris said: “We believe that the commercial insurance market is ripe for disruption.
“Konsileo’s plan to use technology to transform the economics of insurance broking by focussing on the needs of advisors and clients is a recipe we have seen work very well in other markets.”
Committed Capital shareholder and board member Judy Welch, who joins Konsileo’s board, said: “Konsileo has the opportunity to be a true disrupter and the potential to challenge the major players. I look forward to working closely with John and the team as their growth accelerates.”
Konsileo co-founder and CEO John Warburton said: “After spending months fine-tuning our software and proposition, we’re delighted to be scaling up with the support of Committed Capital.”
Published: 16 April 2018