InsureQ, a provider of embedded insurance products for SMEs and freelancers, has today announced raising a €5m seed round led by Nauta Capital with existing investors Flash Ventures and GFC also participating.
The firm is aiming specifically at serving the underserved self-employed and SME market including SaaS and e-commerce startups, through its embedded insurance platform.
With insureQ, the insurance quotes are individually tailored to the day-to-day trade and industry needs based on answers given by the policy seeker. Once the online questions are completed, insureQ automatically creates a transparently structured insurance cover within 9 minutes. Moreover, through the dedicated customer portal, policyholders can update, change, and review their policies directly through insureQ.
Co-founder and CEO, Alexander Le Prince explains: “Within the next five years there will be 2-3 dominant players in the digital SME insurance market and together with our partners and our team we see ourselves perfectly positioned to be one of the players. Insurance products for SMEs are traditionally very complex and hard to understand. So by digitising and offering tailored smart insurance solutions we have eliminated this complexity and created a simple solution that will save small businesses both time and money.”