Over the past few years, insurance companies have invested humongous funds into insurtech. According to Grand View Research, the insurtech market is valued at $3.78 billion in 2021 which has transformed the industry, increasing growth and innovation.
What Is Insurtech?
“Insurtech” implies insurance and technology, which is the use of technology in the insurance industry to improve business processes, increase efficiency, and customer experience
Insurtech company said aims to make it seamless for customers and businesses to buy insurance products (such as life insurance and policies) online with no need to work with an agent.
Alicia Insurance
Alicia Insurance is a Rotterdam-based insurtech startup Founded in 2019 and led by Marijn Moerman and Richard Arnold.
Alicia provides insurance solutions offered on customised digital platforms for independent companies, such as the hiring agency HeadFirst Group and the Dutch Knab bank app. Alicia provides the most appropriate insurance package for everyone, be it for the group of people who organize their funds in a banking app or those into freelancing.
Alicia works also with a variety** gr of insurers which include AIG, Chubb, HDI, and MS Amlin. It has both a broker and MGA model.
According to Marijn Moerman, “People want to work in a different way than they did 30 years ago. Self-employed work is normal in 2022. Still, many self-employed people are working underinsured, because insurance is typically complex and expensive, and doesn’t fit the needs and wants of independent workers. We believe that embedded insurance makes insurance accessible. For a relatively low premium per hour, it’s possible to create sustainable independent work and solve the social problem of uninsured freelancers.”
Alicia’s Seed Funding
The Rotterdam-based Insurtech startup has raised €7 million in seed funding from Volta Ventures, Randstad Innovation Fund, and Achmea Innovation Fund.
Moerman says, “ With the funding, Alicia will roll out the embedded insurance solutions in various European countries in 2023, expand the product portfolio and continue to steadily develop our tech platform, which is the basis of Alicia’s success. Furthermore, adding value through growth capital and strategic expertise, we are also looking for a personal connection and a shared vision of Alicia’s future.”