London-based B2B insurtech firm Aventus has secured £2.6m in funding led by Outward VC and Notion Capital.
Outward and Notion were joined by TriplePoint and Downing Ventures in the fundraising.
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Outward VC co-head Kevin Chong said: “We believe insurance, like other areas of fintech, is shifting from ‘Build vs Buy’ to an operating system approach.
“Aventus’s flexible and cost-effective insurance operating system enables insurers to quickly innovate their products and distribution channels in a world where consumers now take real time accessibility and convenience for granted.”
The insurtech intends to use the fresh capital to scale up its operations.
Aventus co-founder and CEO Peter Goodman said: “For insurers, many of the best in class technologies for distribution, marketing, customer relationship management and payments lack “insurance” specific features.
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By GlobalData“The Aventus operating system bridges that gap so that insurers – whether incumbent or start-up – can innovate faster, drive up premium revenue, drive down their technology costs and create a seamless buying experience for any insurance line, in any digital environment, at start-up speed.”
Aventus offers a modular Insurance Operating System.
The system is designed to aid policy creation along with automatic quoting and binding in less than a minute. All this is said to be done by asking only two questions.
The system uses various data sources as well as integrates policy administration and CRM.
