Aventus, the London-based B2B insurtech business and insurance operating system originally created for the MGA Homelyfe, has closed a £2.6m investment led by Outward VC and Notion Capital with participation from TriplePoint and Downing Ventures. The £2.6m investment will be used to scale up the business.
Aventus’s modular Insurance Operating System, allows insurers to create policies and automatically quote and bind in under a minute, asking minimal questions. In addition to improving customer experience, the system drives greater efficiencies for insurers by combining policy administration and CRM in one place, whilst leveraging multiple data sources to deliver quotes at speed and automate bordereaux and binder management.
Peter Goodman, serial entrepreneur, co-founder and CEO of both Homelyfe and Aventus, comments:
“We’re delighted to secure this round of investment for Aventus which will allow us to scale up the business to the next level. For insurers, many of the best in class technologies for distribution, marketing, customer relationship management and payments lack “insurance” specific features. 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. It has been a major success story for Homelyfe and now other MGAs are accessing the same affordable benefits.”
Commenting on why they chose to invest, Chris Tottman, Partner at Notion, comments: “Consumer Experience Innovation for B2B is a big focus at Notion. Aventus was a ‘proof of concept’ B2C but they recognised the B2B opportunity and needed someone to fund the pivot. That’s where Notion came in. We love repeat founders, we love propositions which solve significant pain where you can establish a strategic foothold quickly and cost effectively, and we believe in the moats created by UX innovation for B2B to consumers.
The insurance experience will rapidly shift to a more consumer centric designed set of propositions. Those insurers who nail it will win big and it’s the underlying technologies like Aventus that will be the enablers of this.”
Similarly, Kevin Chong, co-head of Outward VC, 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.”