Berlin-based insurtech startup INSRD has raised a €500k pre-seed round from ecosystem angel investors including Alex Grimm, a former executive at insurtech champion Getsafe, Florian Huber, and Daniel Dippold of EWOR, alongside tech executives and venture capitalists.
INSRD reinvents commercial insurance to better serve fast-growing companies that are driven by innovation yet frequently encounter new risk exposures. Since companies often outgrow their insurance coverage, it’s crucial to have a responsive solution that evolves alongside them. By combining expert advisory, complementary risk solutions, and actively monitoring risks, INSRD has convinced prominent companies from tech, venture capital, and other emerging industries to become clients.
At the core of INSRD’s tech solution is the Protect & Connect platform, which leverages advanced workflow automation and industry-specific AI. This technology keeps insurance programs current while actively identifying and monitoring new risks, ensuring seamless collaboration between clients, advisors, and insurers. The approach delivers precision and responsiveness to changes in risk exposures at scale – important for next-gen industries such as AI, Creator Economy, Robotics, and more.
The commercial insurance market is experiencing a decline in brokers and agents amidst a surge in demand for emerging and specialty risks. This leaves dynamic companies underserved, with coverage gaps and exposures putting their businesses at risk.
Alex Grimm, formerly of Getsafe, commented: “Insurtech players in the commercial insurance space have been too focused on improving the buying experience and building digital distribution models. The real challenge is keeping coverages accurate with companies that encounter new risk exposures as they develop rapidly. Although buying insurance may be perceived as a hassle, inaccurate coverage at the time of need will lead to more serious problems. INSRD is solving this issue by utilizing cutting-edge technology to ensure coverage accuracy at scale.”
INSRD’s team is ready for the challenge. With nearly two decades of insurance experience from New York and Berlin, INSRD co-founder John Ismailoglu brings seasoned knowledge from across the insurance spectrum, including company, agency, and brokerage roles. His expertise spans personal and commercial insurance, focusing on complex and specialty risks, and including time at leading insurance organizations.
Co-founder Stefan Balg has a track record of 10+ years in founding tech startups and developing corporate ventures. As a serial entrepreneur, Stefan exited his first ad-tech venture in 2017. He then played a pivotal role within Germany’s leading financial group, heading the creation and market launch of innovative tech solutions for insurance distribution. His core expertise lies in venture building, product management, and developing data-driven businesses.
Together, they are poised to grow INSRD’s capabilities, addressing the inefficiencies in the insurance market and bridging the protection gap for businesses through adaptive risk solutions.
INSRD is a startup participating in Cohort 5 of Earlybird Venture Capital’s Vision Lab Program, which provides funding, mentorship, and network.
Read the orginal article: https://www.eu-startups.com/2024/03/berlin-based-insurtech-insrd-lands-e500k-pre-seed-to-reinvent-business-insurance-and-risk-management/
