27 February 2020Insurance

London insurtech Aventus secures £2.6m funding

Aventus, a London-based B2B insurtech business and insurance operating system originally created for the MGA Homelyfe, has closed a £2.6m funding led by Outward VC and Notion Capital with participation from TriplePoint and Downing Ventures.

The new investment will be used to scale up the business.

Aventus claims its modular insurance operating system allows insurers to create policies and automatically quote and bind in under a minute. The system drives greater efficiencies for insurers by combining policy administration and CRM in one place, whilst leveraging multiple data sources to deliver quotes at speed and automate bordereaux and binder management.

Peter Goodman, co-founder and CEO of both Homelyfe and Aventus, commented: “We’re delighted to secure this round of investment for Aventus which will allow us to scale up the business to the next level. 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. It has been a major success story for Homelyfe and now other MGAs are accessing the same affordable benefits.”

Sam White, CEO & founder of Freedom Services Group, and Pukka Insure, who has been involved with Aventus since its launch in 2018, said: “We work with Aventus because it gives us the ability to use data to improve the customer journey and increase conversion rates, shortening question sets and enabling us as an insurance business to differentiate ourselves from the competition.”

Kevin Chong, co-head of Outward VC, 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.”

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
19 November 2021   The solution allows underwriters to automate complex underwriting processes with greater flexibility.
Insurance
27 February 2020   Lloyd’s has announced targets for all syndicates to write 80 percent of their risk using a recognised electronic placement system in Q1 2020. The move reveals a gradual push for digitisation as well as a deeper transformation in the mind set of players in the Lloyd’s and London markets.
Insurance
24 February 2020   Insurers need to hold and manage overwhelming quantities of data to accurately assess their risk. But one insurtech expert warns that a large amount of this valuable data goes to waste as it is left languishing in non-standard formats.