London-based B2B insurtech firm Aventus has secured £2.6m in funding led by Outward VC and Notion Capital.
Outward and Notion were joined by TriplePoint and Downing Ventures in the fundraising.
Outward VC co-head Kevin Chong 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.”
The insurtech intends to use the fresh capital to scale up its operations.
Aventus co-founder and CEO Peter Goodman said: “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.”
Aventus offers a modular Insurance Operating System.
The system is designed to aid policy creation along with automatic quoting and binding in less than a minute. All this is said to be done by asking only two questions.
The system uses various data sources as well as integrates policy administration and CRM.