The Star Insurance team, including Leslee Robinson and Billy Davenport, will now move to THG of Indiana. Credit: Scott Graham on Unsplash

Australian insurtech Expense Check Cover has secured a funding of $3.98m (A$4m ) in its latest funding round to grow its business overseas.

The funding round was led by Hollard Insurance. The company’s previous backers who joined the round include Folklore Ventures and Asia-Pacific head at BCG Digital Ventures Paul Hunyor.

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Concurrently, the company has rebranded itself as Kanopi as part of its strategy to expand its local presence and enter the US and Canada markets.

Kanopi, which was created in 2016, is a data-driven insurance technology company that links insurers and digital platforms.

Kanopi founder Nigel Fellowes-Freeman told Financial Review that the renaming was needed as the company evolved to cover more than just expenses.

Customer research showed its best opportunity lay in honing in on the insurance market and using tech to improve insurance product offerings and customer experiences, Fellowes-Freeman added.

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“We want to be the company that delivers embedded insurance to the world,” the publication quoted him as saying.

The Kanopi team is spread across Melbourne, London, and Singapore.

Commenting on the investment, Hollard Insurance CEO Richard Enthoven said that he wanted to invest strategically in an insurtech business that had strong core technology and a “shared vision” to create good insurance products using data.

“At a time when insurance is facing huge challenges, technology is simultaneously blurring the lines between industries.

“We identified this as a unique opportunity to use data to create customer-fit products and services.”