Insurance broker Marsh has announced that it is investing in British insurtech startup Bought By Many. The investment, worth £15 million, follows the £7.5-million Series A funding that the peer-to-peer insurtech company received in October 2016; other brokers such as Evelyn Bourke and Munich Re were involved in the latest round, which was led by CommerzVentures, the corporate venture capital arm of Commerzbank.
“Marsh’s digital strategy includes collaborating with insurtech firms that open new distribution channels and create innovative insurance solutions for clients,” said John Drzik, Marsh’s President of Global Risk & Digital. “Bought By Many has a unique business model to serve and grow in the small commercial and consumer segments, and we look forward to working with them.”
As part of CommerzVentures’ investment, its Senior Investment Manager Paul Morgenthaler will join Bought By Many’s board. The startup, he said, is ‘pushing the boundaries of traditional insurance … redefining products and processes entirely from a customer perspective’.