Insurello, which helps consumers get the right compensation from insurance companies, takes in an additional SEK 75 million in an investment round led by Inventure with Schibsted as co-lead. Luminar Ventures also continues to invest in the company. The new major investments will come after Insurello’s acquisition of Ifdelayed, which helps private individuals get the right to airlines in case of delays, and will now pave the way for international expansion.
Insurello is a digital service that helps consumers find unknown insurance and get the compensation they are entitled to after personal injury. Basically consumers can open a case on the Insurello website and leave all the chasing to someone else, if successful then Insurello takes a 25% cut of the compensation.
It’s a service which will find plenty of customers in Europe and North America, especially after the long delays consumers faced for refunds on holidays and travel booked just before the Corona lockdown.
Since its inception in 2016, the company has been named one of the world’s top 100 Insurtech companies and has doubled its workforce over the past year, which now amounts to over 70 people. In total, the company has handled over 85,000 cases and paid out over SEK 75 million in compensation to consumers.
In Sweden, about 600,000 people are injured each year, but many do not receive the compensation they are entitled to – says Insurello.
This is mainly because the cases can be complicated to operate and that many are often covered by insurance they do not know about. The same problem exists for delayed flights, which is behind Insurello’s recently completed acquisition of consumer law firm Ifdelayed.
In total, Insurello has now raised more than SEK 100 million and besides Inventure, Schibsted Growth and Luminar Ventures, DHS Ventures and Wave Ventures have previously invested in the company.