Since its founding in 2016, Thinksurance has developed a platform through which insurers and distributors of insurance, including brokers and agents, can digitise the entire process of distribution, from initial consultation to issuing documentation. At present, the startup has partnerships with over 20,000 brokers and other distributors, and ties with the majority of big insurers, offering insurance from over 60 different lines.
It was founded due to a perceived gap in the market – Germany’s commercial insurance industry alone is worth an estimated €30 billion in annual premiums, but the vast majority of transactions that take place between insurance companies and distributors remain stubbornly manual; Thinksurance’s platform aims to make that process significantly more efficient, reducing manpower and increasing agility and accuracy.
With the new funding in its pocket, the startup plans to double its personnel, expand into a number of new markets and invest in its analytics and distribution platforms in order to improve functionality and improve value for its customers. It will also invest in the development of new solutions, including enhanced data analytics, portfolio transfer and after-sales processes.
“We are really excited to partner with Eight Roads Ventures, which has shown trust in our team and business model and has an in-depth understanding of our industry,” enthused Florian Brokamp, CEO and Co-Founder of Thinksurance. “We are in a situation where we do not necessarily need any funding – however, Eight Roads Ventures brings a strong global network and track record of helping companies scale, while enabling management to maintain independent decision-making. Together, we are focused on building a sustainable business for the long term that will have a positive and transformational effect on our industry.”
Eight Roads Ventures’ Lucile Cornet, meanwhile, praised the ‘bright and ambitious’ startup and its ‘profitable and impressive platform’.