Insurtech startup Korint has secured €5 million in a second funding round led by Ventech and supported by 360 Capital. This investment brings Korint’s total funding to €7 million and follows the introduction of their “Core Insurance Platform” in March 2023. The platform enables insurers and brokers to rapidly deploy new insurance products using a cloud-hosting, scalable infrastructure with an API-based architecture. Established players in the industry have already adopted Korint’s innovative solutions, with more partnerships expected soon.
Korint’s platform features an event-sourcing logic engine that manages the entire lifecycle of insurance contracts in real time, even handling complex cases such as fleet policies and customers with multiple products efficiently. The platform offers flexibility and full control over product management to its clients, attracting notable industry players like Wakam and WTW. The company’s SaaS solution is also utilized by brokerage firm Yeet Assurances for telematics motor products for gig-economy drivers.
Expansion of Technological Capabilities
The recent funding will allow Korint to bolster its tech and insurance development teams, accelerating the platform’s evolution. The company aims to address several key issues in the insurance industry, which requires a comprehensive digital management tool capable of handling complex B2B insurance policies. Korint’s advancements reflect growing industry trends toward digitalization, illustrating the necessity for innovative solutions in modern insurance practices.
Industry Leaders’ Endorsement
Jean Bourcereau, President and Managing Partner at Ventech, praised Korint’s technology for managing advanced and innovative insurance products, emphasizing its competitive advantage. Bourcereau stated,
“Supporting ambitious and bold entrepreneurs who use technology to advance industries is the foundation of Ventech’s investment thesis. It was a natural choice for us to support Jean-Baptiste, Martin, and their teams!”
Thomas NIVARD, Partner at 360 Capital, also expressed his satisfaction with the progress Korint has made, noting,
“We are delighted to see Korint confirm all the promises we perceived during our first funding 18 months ago. The market’s need for digitalization is clear, and this new round will give them all the means to become the market reference.”
When Korint received its initial funding in March 2023, it enabled the launch of their innovative Core Insurance Platform. This earlier round of financing laid the groundwork for the startup to introduce advanced technological solutions to the insurance sector. Comparatively, the new funding round not only reinforces their financial foundation but also positions them to further expand their technical and operational capabilities. Korint’s focus on digitalization aligns with broader industry trends, demonstrating their significance in transforming traditional insurance practices.
The insurance industry faces numerous challenges, including the need for efficient digital management tools. Korint’s platform addresses these issues by offering real-time contract management and the ability to handle complex policies. Their success in attracting significant industry partners underscores their impact. As the industry continues to evolve, Korint’s solutions are poised to become essential in meeting the demands of both insurers and brokers. This funding will support their mission to innovate and streamline insurance processes, highlighting the importance of technological advancement in the sector.
