WhenFresh, a UK-based insurtech firm offering data as a service (DaaS), announced on 31 January that it has received £3 million in series A funding. The firm will use the funding as an opportunity to further develop and expand its offering for the insurance industry. Currently, it provides DaaS for financial services, utilities and properties companies – including Experian, Equifax, Zoopla and CLS Risk – leveraging predictive customer analytics to help companies identify key life events for their customers, giving an insight into future purchasing decisions as they form; company heads believe that the big data solutions WhenFresh has developed have the potential to make a major and positive impact on the insurance sector.
“Over the last few years we have built a great business,” enthused CEO Mark Cunningham, “with a fantastic team of data scientists and data-driven marketeers, who have created groundbreaking innovations to other sectors. The insurance sector can now benefit from this with WhenFresh’s products Home Insurance Prefill and BehindtheBricks API, which offer insurers the ability to win new business, reduce customer acquisition costs, target more profitable businesses, and renegotiate reinsurance costs by more accurately analysing portfolio risk.”