Insurance broker Konsileo has made no secret of its intentions – it even describes itself as a “commercial lines disruptor” – and now the up-and-coming insurtech has racked up some serious support.
The firm has announced it has raised £2.7 million in Series A funding from technology investor Committed Capital. It now intends to use the money to scale up its operations – including hiring commercial lines brokers and teams that will work virtually in targeted hubs across the UK.
It believes it offers something that brokers may struggle to find elsewhere – namely the chance to keep more of what they earn, work flexibly and save up to around 60% of the time they would usually waste on admin. They have the opportunity to work at home or in an office, and they can team up with mentors and specialists to boost career development.
“We believe that the commercial insurance market is ripe for disruption,” said Committed Capital CEO Steve Harris. “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.”
Konsileo originally launched around a year ago – and has since been used to place around £3 million in premiums. Co-founder and CEO John Warburton (pictured) believes this investment will help push it further forward.
“After spending months fine-tuning our software and proposition, we’re delighted to be scaling up with the support of Committed Capital,” he said.