IoT insurance platform raises £1m

London-based Iotatech, a developer of insurance software as a service platform, has secured its target of £1 million of second round funding following a private placement.

The funding is set to enable Iotatech to bring its new insurance technology platform to market.

“We are delighted to have hit our funding goal, and now, with our development and growth plans secured, we’re well-placed to bring our new insurance technology platform to market,” said Iotatech CEO and founding director, Michael Sargeant.

“Claims is our current sweet spot, but our proposition will also cater for other parts of the insurance value chain, including policy.”

The business will target the claims sector at first, but the platform has been designed to cater for policy management as well as claims, according to a corporate statement.

The new platform - architected using Microservices, Open API and Artificial Intelligence – is an Internet of Things (IoT)-ready, pay-per-use solution, available via Amazon Web Services as Software-as-a-Service.

Iotatech can now offer a next-generation, flexible and intuitive solution to risk carriers, third-party administrators and related businesses, Sargeant said.

“It’s completely different from what has gone before – the potential market is huge,” he said. “This platform can do things in hours that used to take weeks or months”.

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