Insurely, a Swedish fintech startup that uses open banking data to help insurers personalise premium offers, has signed SEB as a flagship customer.
Founded in 2018. Insurely's open insurance platform makes it possible for insurers and financial players to access real-time data from the insurance market. The data stream helps institutions to personalise and streamline the customer journey online, and to optimise their pricing strategies. Several Swedish players like Avanza, ICA Försäkring, Lassie and Hedvig are already using Insurely.
The deal with SEB follows Insurely's completion of a €19 million Series A funding round in March, in which the Swedish bank's venture capital arm participated.
“Open insurance is where open banking was three to four years ago and we see a clear development potential within this area, making this a very exciting investment,” says Fredrik Ljungblad, investment manager at SEB Venture Capital. “With new regulation underway in the EU, we believe the market will be opened up during the next few years. Insurely is very well positioned within this space and we look forward to working with them and being part of their continued journey.”