12th November 2018 | 5 min read
Iotatech Ltd (Iotatech), which has spent two years developing its pioneering insurance software as a service platform, today announces that following a private placement it has successfully raised its target of £1 million of second round funding.
The funding puts the business in a prime position to bring its new insurance technology platform to market – a move which Iotatech says will have a transformative effect on the industry.
The business will target the claims sector at first, but the platform has been designed to cater for policy administration as well as claims.
The new platform – architected using Microservices, Open API and Artificial Intelligence with an innovative approach to Customer and User Experience – is an Internet of Things (IoT) ready, intelligent pay-per-use solution, available via Amazon Web Services as Software-as-a-Service.
Iotatech CEO and founding director, Michael Sargeant, said Iotatech can now offer a future-proofed, flexible and intuitive solution to risk carriers, third-party administrators and related businesses.
“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.” He added that global spending on IT by the insurance sector had increased by 40% between 2011-2016 (Source EY), as the sector eyes efficiency gains and reacts to changing regulatory and customer demands.
In EMEA alone, there are 600+ insurers and a similar number of brokers, TPAs and suppliers to insurers, but the entire solutions market serves less than 10% of the market. “Our platform is designed to help plug this gap,” he said.
As part of its next strategic phase, Iotatech has formed a Strategic Advisory Council, formed of senior industry figures many of whom are key investors, to provide advice, guidance and support through the next phase in its ambitious growth plans. The business will also unveil partnership agreements with key systems and digital transformation players in the next few weeks.
The following investors and industry figures have agreed to join the Strategic Advisory Council:
Sargeant said: “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. Claims is our current sweet spot, but our proposition will also cater for other parts of the insurance value chain, including policy.”
“The investment from leading industry figures, added to which many have joined our Strategic Advisory Council is very encouraging, and validates both our business model, and adds considerably to Iotatech’s capabilities in support of our core technology offering.”
Tim Gregory, Iotatech investor and Strategic Advisory Council member, said, “Having seen what Iotatech has already achieved and seen the benefits that the technology will bring to the industry, I’m very pleased to become an investor, and I’m also delighted to join the Strategic Advisory Council.
This is an exciting model, and I look forward to working alongside my fellow council members to help shape and guide the company through this exciting phase of the business.”
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