Based out of London, Marshmallow is an insurtech company that uses a proprietary pricing algorithm to lower insurance prices for immigrants, expats, and nomads. Recently, the UK company raised $30 million (approx £23.2 million) funding, reaching a valuation of around $300 million. However, the company didn’t disclose the investor’s list.
How will the latest funding be used?
The insurtech company intends to use the funding to improve the user experience and to expand into other insurance products and sectors. The company is also planning to continue hiring high calibre, team members.
Alexander Kent-Braham, the co-founder, commented, “We are disrupting a centuries-old industry, it’s hard to get this right and to do it at a significant scale – but we’ve got the right people to do it. So far, we’ve built a car insurance product that works. But, more importantly, we have the tools to offer insurance to customers that traditional insurers struggle with.”
Makes insurance cheaper and faster
Back in 2018, Oliver and Alexander co-founded Marshmallow along with David Goate to make insurance cheaper, faster, and more inclusive. Within weeks, industry veteran, Tim Holliday also joined the founding team and has been an ever guiding presence. Notably, Investec co-founder Bernard Kantor joins Marshmallow as a board member.
With its proprietary rating matrix and new data sources, the company can price risk more efficiently than incumbent insurance providers and also provide best-in-class customer support and communications which customers now demand.
As per the company claims, the progress to date exceeds the early growth of some of the other insurtech players. Over time, the company looks to offer additional insurance products across various European markets.
Co-founder Oliver Kent-Braham further added, “Insurance is a multi-trillion dollar industry that touches billions of people. We’ve attracted some of the best engineers and data scientists in the world to disrupt it and we’re all excited to further digitise the customer experience and provide our customers with a whole suite of insurance products.”
The post Meet Marshmallow, an insurtech startup that aims to take on insurance giants with new approach, bags £23.2M appeared first on UKTN (UK Tech News).