Insly, the low/no-code software platform for insurers, insurance brokers and Managing General Agents (MGAs), has raised a €1.1m bridge round. Half of this figure was committed by existing investors, Concentric and Uniqa Ventures, and half by an angel syndicate led by Fund Fellow Founders. The round brings Insly’s total raised to €5.8m.

The London and Tallinn based insurtech, founded by Risto Rossar, enables insurers, MGAs, brokers, and underwriters to digitise and automate their mid and back-office operations, including distribution, policy administration, underwriting, claims, and reinsurance.

Rossar started Insly after establishing IIZI Group in 2000, believed to be one of the first digital insurance brokers in world. On selling the business in 2014, he founded Insly with the mission of making insurance technology easy to implement and use, enabling insurance brokers to increase efficiency, optimise customer experience, and reduce unnecessary costs.

Initially an SaaS solution for brokers, Insly has since diversified into tools for MGAs and insurance companies, while also developing a no-code product which is customisable and easily configurable, reducing the need for maintenance and costly development talent.

In the last eight years, Insly has grown to a team of 100, with offices in Tallinn (core development unit), London (HQ), Vilnius, and Warsaw. It serves over 1,000 brokers, MGAs, and insurers, with over 15,000 users, and over €0.5bn gross premiums transacted on the platform. Its customers span 52 countries around the globe, and global revenues have grown by over 30% in the last year.

Rossar says that, while the bridge funding isn’t immediately required, it will help the business to accelerate growth across its broker SaaS division in Poland and its MGA and insurer SaaS division spanning London and Tallinn. The funds will enable further product development, as well as fuelling sales and marketing initiatives to acquire new customers.

“Insly has had a successful few years, developing our no-code offering and making significant inroads into the MGA and insurer market,” comments Rossar, Founder and CEO of Insly. “We are onboarding new customers all the time, and the business is also close to breaking even, a fantastic achievement in a relatively short space of time. This bridge round will enable us to step up our product development, sales and marketing, so we can bring our products to even more customers, and move closer to our goal of building one of the biggest insurance platforms in the world.”