Insurteam raises $1.3 million to support MGA platform deployment
The money raised by the funding round, led by Spicehaus Partners, will be used to expand the company’s digital capabilities in the travel insurance space
Insurteam has completed a US$1.3 million funding round to fund the launch of its managing general agent (MGA) operations across Europe.
Funding for the insurtech was led by Spicehaus Partners, with participation from Next Patron and a group of angel investors.
The money will be used by Insurteam to accelerate the European deployment of its artificial intelligence (AI)-powered travel insurance MGA platform, building on the company’s existing technology, which currently serves over 100,000 customers in Austria, Germany, Italy, the Netherlands, and Switzerland.
Insurteam said the MGA platform would enable it to “bring proprietary insurance products to market directly targeting improved underwriting profitability, alongside enhanced customer experience”.
Westfield Health recently launched Evolve, a digital platform designed to transform how intermediaries quote, sell, and manage health cash plans.